Posted in Daily Comment, QQQQ, Stock Market on Sep 16th, 2008
Today was another classic Tuesday reversal. After a lower open and a drive down into new recent low territory, and a disappointment that the Fed didn’t lower interest rates as Fed Fund Futures indicated that they would, the stock indexes were able to move higher on the day. The 24 hour futures chart shows a [...]
Posted in Daily Comment, QQQQ, SPY on Sep 5th, 2008
Stock indexes attempted to rebound from what was becoming an oversold condition. The Nasdaq 100, shown here with the QQQQ etf, tried to reject the spike low from July 15th. The open of the day session was right on that low and price tried to move lower. After spending some time in that new low [...]
Posted in Daily Comment, QQQQ, SPY on Sep 3rd, 2008
Stocks ended the day with the S&P and Dow little changed while the Nasdaq continued down. The chart above shows the Nasdaq etf in the upper graph, and the S&P etf in the lower graph, along with the mesa adaptive moving average on each. I had been somewhat more favorable toward the Nasdaq over the [...]
Stocks indexes rallied on Friday. On the NASDAQ/QQQQ the low on Thursday came right down to the slower moving average (darker blue line) and held there almost to the tick, closed higher than the open and well off the low, and the rally carried through on Friday. Momentum is oversold and starting to turn up. [...]
Posted in QQQQ on Aug 19th, 2008
Stock indexes continued down today. Yesterday the S&P came back to the level of the longer term moving average, and the Nasdaq, which had been stronger, found support on the faster moving average. Last Friday I suggested that since trends and momentum were pointing up, that the path of least resistance seemed to be higher [...]