The most salient feature of this is the MACD histogram. Note how both the 15min and 60 min are ready to cross below zero. Also note that each peak on the histogram is lower. This is bearish.
There's also a bearish rising wedge (though perhaps the case can be made for an bullish asc triangle).
Also there is horizontal resistance at 44.02 (previous high), and the 20 period moving average on daily chart (not shown) is also at the exact same 44.02 with 50 period MA at 44.73 (daily chart).
This advance was also on light volume. All that could be accomplished on light volume was a rise back up to resistance.
There are also bullish signals of course. The stoch is rising. The horizontal 44.74 is a target if a bearish Head Shoulders is to form. (Interesting that the 44.74 is also the 50 MA). The daily macd hist is rising and ready to cross 0.
However, all of this, especially the multiple layers of R, prompt me to remain short the QQQQ. If we move higher, I will short into the rally. If we don't move higher, I can still participate on the decline via the existing shorts.
Also, the DAILY TREND is DOWN, with lower lows and lower highs, another reason to remain short.
Double click on the chart to see the whole chart, enlarged.
Double click on the chart to see the whole chart, enlarged.
* 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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