Tuesday, May 17, 2011

The NASDAQ 100

Perhaps one of the biggest surprises and no doubt shakeouts of today, has been the NASDAQ 100/QQQ.

Yesterday I couldn't find a single bullish looking chart except for the very end of day. Today though....
 The Q's put in the biggest price gain today moving into the green, considering it was the worst looking yesterday, I'm sure quite a few shorts were forced to cover today-currently up +.17%, far better then yesterday's 1.73% decline.

 As I mentioned, yesterday I couldn't find a single bullish looking 3C chart, except  for the closing.
This 5 min chart is a far cry from yesterday's outlook.

 The 10 min chart also improved substantially into a leading positive divergence in a day.

 As did the 15 min. chart.

Again though I have to point out the difference between short term tactics and fluctuations and the longer view which is decidedly bearish on this 60 min chart.

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