Saturday, December 15, 2007

Qs Weekly Update

Top chart is weekly 3 LRs study; lower is the daily.
For the week the Qs finished $ 1.36 lower, or -2.60%.
Both charts now look bearish.
On the Weekly, the Qs failed to carry through on the LR30 channel mean and have broken down through the LR3 lower channel. The MACD and OBV have turned negative. although the RSI has not come on board with an overbought signal yet.
On the Daily, all indicators with the exception of the short term RSI are also negative. Friday's profound negative action as reflected in the falling hammer was a complete reversal of Thursday encouraging close. This 49-50 range looks like the next target, and with expiration upon us this week (Triple Witching, actually) there may be some added volatility. Caution is advised.

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