Gee, Think.

Here we see the Nasdaq 100 breaking below long term support.  The bottom trendline shown here extends since the trust began its upturn on July 21st of this year. In fact, we also see the typical kiss goodbye occur twice on Thursday.  On that day the index pops up to touch the trendline before falling down again.  This looks like a very bad sign for the QQQQs.  Ithink it could be a reversal in trend. 

I’ve also included a three month chart to show that the trend has been holding for a while now.  This chart shows the trend from August 7th.

 

Click the images to view the charts in more detail.

This entry was posted on Sunday, November 5th, 2006 at 10:44 am and is filed under daily events. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.