Dow DIA and SPX SPY money flow suggests a pop up tomorrow (still expect lower prices in coming hours / days afterward).
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The DOW and SP500 charts are more bearish than qqqq.
As they look now, I see the qqqq charts suggesting the bearish scenario. But there are mixed signals, and we need to await resolution. This is why I have no position, long or short. Mr. Market needs to decide.
I anticipate entering new shorts in SPX or QQQQ tomorrow, but again, I'll wait for clearer chart definition.
QQQQ 60 min chart suggests some chop, possible a bounce up, followed by a break lower. Daily shoot star bearish. Possible evening star bearish candle pattern on Friday if it gaps down.
The daily QQQQ chart is more bullish. Stoch curled up. RSI minor R trendline break. Both need confirmation. QQQQ could be consolidating "up here" in a rectangle that breaks to upside. Possible bullish ascending triangle. If QQQQ can close over Thursday's high, it would be bullish.
But, daily chart also shows a bearish divergence.
2 charts below. 60min and daily.
* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".
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