Market Analysis for Aug 11th, 2004
For today's Mid-Day Minute, Mike writes: Since the first hour decline in the QQQs, they have carved out a sideways coil pattern for the past few hours, which does not have the "right look" to be considered a bottom of any meaning or magnitude. In fact, the micro pattern itself likely represents another bearish continuation pattern within the larger, dominant downtrend. If my analysis proves correct, the QQQs will plunge out of the coil to the downside (in the upcoming hours), and press to one more new low in the vicinity of 32.30/.20 to complete the downleg that began at the July 30th recovery peak at 35.10. Only a sustained rally above the key micro resistance area at 32.95-33.05 will argue that additional strength is likely into the 33.25/40 area prior to the resumption of selling pressure.
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