QQQQ's Current Trend

[ess1096]

Looking at the chart I posted:

The yellow line being the old trend.
The blue line being the current trend.
I would look for a bounce at the blue line followed by a higher high than $45.40. Without the higher high I would expect the red line to become the new trend.
Of course, if the price just trades through the blue line without a bounce, and it could judging by Friday's volume bar, the red line would probably take over as the new trend, a down trend. This is only my opinion.

Any opinions otherwise?

 

[murray t turtle]

Quote from ess1096:

Looking at the chart I posted:

The yellow line being the old trend.
The blue line being the current trend.
I would look for a bounce at the blue line followed by a higher high than $45.40. Without the higher high I would expect the red line to become the new trend.


Of course, if the price just trades through the blue line without a bounce, and it could judging by Friday's volume bar, the red line would probably take over as the new trend, a down trend. This is only my opinion.

Any opinions otherwise?

====================
Ess;
1] Figure fridays trend is down like todays open pcice=short term down

2] 50dma ,medium term trend =down, clearly down

3]200day moving average =up ;also unusually strong 4th quarter uptrend,probably retest highs, same with SPY, DIA