Tale Of 2 Markets
Source: http://alphatrends.blogspot.com/2008/09/tale-of-2-markets.htmlPosted on Wednesday, September 3rd, 2008 | In Technical Analysis Videos
Contributed by: Brian Shannon (http://alphatrends.blogspot.com) -
The Nasdaq 100 (QQQQ) broke key support at 46 yesterday and is seeing continued weakness as the Semiconductors (SMH- inset) lead tech shares lower today. The best potential support level for the Qs appears to be near 44.25. Short term the Qs seem extended to the downside and 46 is where resistance is likely to be found on any strength.
The SPY continues to show relative strength as it maintains its range of 126.50-130.50. Without the resiliance of the financial stocks (XLF-inset) the support at 126.50 would be in jeopardy of breaking.
Last 5 posts by Brian Shannon
- WIngsuit Flying - November 30th, 2008
- Stock Market Video Trend Analysis 11/28/08 - November 28th, 2008
- Quiet Choppy Trading - November 28th, 2008
- Family - November 28th, 2008
- Happ Thanksgiving - November 27th, 2008
 About Brian Shannon (http://alphatrends.blogspot.com)
Brian Shannon is a full time trader who shares his market experiences on the highly popular alphatrends.blogspot.com site. Alpha trends has been called "the youtube of technical analysis" by Technical Analysis of Stocks & Commodities Magazine (March 2007) and has been praised in Barron's (October 23, 2006) and Active Trader Magazine (July 2007). Brian trades an account at www.worldcupadvisor.com since March 2006 and in that time has more than tripled the results of the S&P 500. He can be reached at alphatrends@gmail.com |
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.