Bearish Crossover? -
In our last
report, we mentioned that the sharp drop below the 100-day moving average
quickly erased all gains made by the bulls so far in 2007. As you can see
from the chart, the bears sent the QQQQ below the 100 DMA for the first time
since August 2005, which is causing some traders to wonder if the next stop
will be near the 200 DMA. Another interesting thing that we noticed is that
the 15-day moving average looks like it is setting up to fall below the
100-day moving average. Notice how the last bearish crossover in May 2006
signaled a sharp correction. It will be interesting to see if this will
Senior Analyst, ChartAdvisor
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