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The QQQQ Report for May 7th - May 11th, 2007
Casey Murphy - May 7, 2007


Overbought RSI - The recent price action of the QQQQ has been dominated by the bulls and, as a result, the index has been pushed higher by roughly 2.5% since it broke above the $45.50 level a week ago. We expect the $45.50 level to become an area of short-term support and the bullish trend to continue until the price falls below this influential level. Friday's move to a new six-year high clearly shows that the bulls are in control, but as you can see from the chart below, many traders will likely pay attention to the overbought RSI reading (69.69) because the indicator is suggesting that the bull run may be getting overextended. The RSI move below the 70 level suggests that some traders are starting to take profits and it may be a good idea to follow suit and take some money off the table.

 


Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor


 Previous Chart Alerts:    QQQQ   APOL   QQQQ   AMED   QQQQ   EBAY   QQQQ   INAP   QQQQ   GD   QQQQ   INTC   QQQQ   ABK   QQQQ   NTRS   QQQQ   ACE   QQQQ   BJ   QQQQ   ALL   QQQQ   GGG   QQQQ   BA   QQQQ   WMB   QQQQ   OIL   QQQQ   OXY  


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