November 25, 2012

QQQ Weekend update

  • QQQ Daily chart closed above 20 Day SMA.
  • Next resistance levels in daily chart at 50 and 100 Day SMA which is at 66 levels.
  • Weekly stochastic is turning up from oversold zone which may result in a bigger up move.


  1. That's a nice simple analysis based on 3 factors that are really basic but important in my view. Thanks.

    I've been watching all 3 but out of the 3, I think the stochastics on the weekly are perhaps the most telling. Of course it remains to be seen if the market pulls back to put in another lower low, giving the stochastics an opportunity to form a pos. divergence. But given the strength of last week's candle, even though it was built with minuscule volume, I just can't see a new lower low being attained.

    For what it's worth, I think the markets pull back Monday and perhaps Tuesday, but then it's off to the races upward again. We'll find out soon I guess.

    Thanks again for posting your thoughts. I like your style of looking at things without getting unnecessarily complex about it.