QQQQ backs off from confluence 61.8% 2006 and 38.2% projection August (40.35) and closes at 40.11, a hair above the 200 dma. Next upside target above 40.35 would be 40.68. These new highs keep getting made with bearish divergences on the daily charts and without the relative performance of SMH (still under 200 dma) and SOX.
In fact, the new gains were mostly made on the heels of the software sector, with the GSO finding resistance right at 2004 highs (chart).
This entry was posted
on Friday, September 15, 2006 at 8:24 PM.
