Market Analysis for Apr 22nd, 2004
By Mike Paulenoff, MPTrader.com
This is what I posted to my QQQ site a few minutes ago... along with a daily chart of the Qs, which is a carbon copy of the Nasdaq 100 (which I will prepare for a later posting)... In the meantime, have a look at the QQQ daily chart for a sense of what this day is shaping up to mean for the intermediate term trend...
I wrote, "No, I am not hiding... although I would like to... This day totally takes me by surprise... I think that I can count on 8 fingers the number of days that have done this to me in the past 20 years... but still, they make me feel like an idiot.... On the other hand, it forces me to look at all of the charts, all of the timeframes, to get my bearings... Have a look at our updated daily chart analytics of the QQQ's enclosed below..."
For those who don't have the chart, the text reads: "The QQQ's rocketed to the upside today, and in so doing hurdled key resistance at their prior pivot high at 36.79 from Tues. morning. Notice on the enclosed chart that today's surge also propelled the price structure above its 20-54 mov. avg. combination, which is another bullish indication. The enclosed daily chart shows us that the next resistance plateau for the QQQ's resides along the Jan.-April resistance line at 37.25/30, up to 37.50, which represents the April 5th high. If the QQQ's manage to hurdle 37.30-37.50, then ALL OF THE ACTION DURING 2004 WILL RESEMBLE AN INVERTED HEAD & SHOULDERS PATTERN, THAT WILL HAVE THE POTENTIAL TO POWER THE Q's to 38.80-39.30. 04/22/04 2:45 PM (36.93)."
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