utilityman: I've been watching to see how the tag of the QQQ 3/23 support line is going to find my MTF Models. That line is at about 33.79 on my daily chart, but that number varies some depending on the zoom and the interval.
With today's re-test of that support line my models are close to lining up in or near their respective over sold ranges, but since they are slightly mixed I am being cautious, I initiated a 20% position following today's test of the line. My current average is 33.83...(initial stops in place below today’s current LOD). If the market begins to ramp as I am expecting I will begin to leg into multiple positions in several investment accounts.
I think the market is close to at least a medium-term low and possibly a ramp which will result ultimately in a test of the Oct 2002 rally high and if so a probable extension of that high.
Regards,
LG
Disclaimer: The above is my opinion only and I reserve the right to be wrong. An overall market expectation is just that and should not be used in exclusion of the evaluation of individual equities or other investment instruments. Do not base any investment decision solely on any one person's views or analysis, especially an anonymous message board poster such as myself. Do your own research and take responsibility for your own investment decisions. And, always use stop loss points.
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