Qs Weekly Update

Qs down 1.02 or 2.23% for the week. IWM down 4.8%, DIA & SPY down 1.5%.
Looking pretty ugly out there as the Qs and IWM play catch up to the downside with DIA & SPY.
On the daily and weekly 3LRs study the Qs continue to slide down the LR11 mean and, although clearly oversold, the technicals offer little clue as to an impending turnaround.
The weekly bars 3LRs study is looking very bearish with the technicals all ominously negative and the upper LR30 channel cross (43.11) the next downside target. This is the same target we have been watching for the past 2 weeks and all current indications enforce the likelihood of the cross.
The A50 took another big hit this week and now stands at 10. The descent from overhead resistance has been particularly dramatic this cycle. . .much more so that the November slide.
The A50 RSI continues to chatter along the oversold line, theoretically increasing the odds for a (short term) relief rally that will probably be fueled by frantic short covering.
However,. . . . .
The A200 also displayed an almost vertical descent this week, although it has not yet reached the extreme oversold levels of the A50.
My expectations for the Qs remain the same as the previous 2 weeks and for the overall markets I still believe a washout is coming. I know several technicians have suggested that scenario probably won't happen, just because everybody and his brother is expecting it. All we can do is wait and see. My trading bias continues to be selling the rallies.
Carmer's (utterly misguided) manic enthusiasm for what he saw as a one-day reversal on Tuesday aside, the markets will do what they will do (think . .the sound of one hand clapping) and it's always risky to put too much credence (or money) in anything I say because my feeble brain sees the world through a set of risk management goggles that are uniquely my own.
By now you know my program. . . daytrades only as described on the side panel of the blog, and if you missed the gap fade today at 9:38 to 10:06 (EST), then you missed some quick, easy money.