Seasonality is playing a big role right now. As much as I think that it is a good idea to see a correction of the recent rally, market could just march on as we know that top is taking loner, so it might be better to not to state bearish sentiment, but just state the facts based on TA and fundamental.
Thanks for QQQQ option grid, but what's your interpretation? Better bet because....
From: QQQQtrend Replying To : QQQQtrend (post 91611) Dec 12 2006 8:06PM
Title: QQQQ & Market Comment
Market action today was typical FOMC day pattern.
As stated during the last few days, QQQQ and SPX stayed in the trading range while I was anticipating a break from the range after the announcement. Also as anticipated, the fed fund rate 5.25% remains and the statement was relatively the same while acknowledging "Housing" slow down more than expected.
QQQQ As commented earlier, QQQQ bounced off from the lower support with duel price formation of Diamond on 60m and Symmetrical Triangle on Daily. It has bounced off at 43.56 as stated before, but didn't break the support; hence, the up TL is still in tack.
$SPX is also remained in narrow range, forming coil formation again as we have repeatedly seen during the last five months rally, except that momentum is weakening with negative divergences on daily.
Conclusion: We need to see a break up the up TL supports. While we have seen initial break of "Rising Wedges" as we have seen "DOW", due to favorable seasonality, no "Profit" taking activities, yet. However, I do think that we are close to a ST top if this is not the one.
ALL PRUDENT BEARS need to show more strength.
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