Fri November 3rd 2006
Key Downside Reversal for the Qsby Mike Paulenoff,
www.MPTrader.comIn today's action so far, the QQQQs have carved out a potential key downside reversal spike amidst a very negative juxtaposition in our daily RSI momentum. If ever you needed a technical reason to beware the long side, or expect a period of weakness, this appears to be it.
On the short side of the Nasdaq 100, the QID is heading for a minimum target zone of 60-61 before my near term work gets a little frothy off of the 10/27 low at 54.77... and if downside pressures materialize ahead of the NDX 20 week cycle low, then who knows how much lower the Nasdaq can press (how much higher the QID's will climb) in the hours directly ahead?
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