Monday, July 18, 2011

QQQ's

After a quick sprint up, the Naz has been pulling in.
The weekly chart shows the Naz still above its 2+ year uptrendline.  Until that line breaks it must be assumed the market is still in an uptrend.
Zooming in a bit, the Naz is threatening its 50 day ema.  A close below would be a signal to sell.  Good longer term support is at the lower blue line shown above.  The indicators are a bit extended and may need a further pullback to reset.

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