- November 27, 2008
- Posted by: Ramki Ramakrishnan
- Category: US Stocks outlook
The QQQQ has rallied nicely from the lows. However, as discussed in my previous technical analysis of qqqq, (Has QQQQ posted a major bottom?) we would like to see a move to 30.46 before we can be comfortable about calling a bottom. We are very close to its first resistance around 29.55, but should this break, we can look for a continuation to the more crucial 30.46-30.60 window. Short-term traders might consider selling there because we a revisit to below 29 is very likely from that level. However, should the qqqq reach 30.46 this week, we should be careful not to overstay shorts created near there because any rally after a correction from above 30.46 will likely be swift and travel much farther.