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The QQQQ Report for February 5th - February 9th, 2007
Casey Murphy - February 5, 2007


In our last report, we mentioned that the bulls' failed attempt to push the QQQQ above the resistance of its medium-term trendline caused many traders to question the chance of another test of the $45.50 level. As you can see from the chart below, we've added the Relative Strength Index because it has been creating a series of new lows while the QQQQ has continued to move sideways. This negative divergence is another technical sign of traders' lack of conviction of a move higher. We'll continue to hold onto our short-term target near the 100 DMA until we get confirmation from other technical indicators that the sideways momentum has ended.

 


Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor


 Previous Chart Alerts:    BA   QQQQ   WMB   QQQQ   OIL   QQQQ   OXY   QQQQ   INTL   QQQQ   EBAY   QQQQ   BJ   ECA   GYI   GYI   GM   WMB   AMZN   QQQQ   PCAR   QQQQ   WMT  


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