Thursday, July 09, 2009

NASDAQ 60-min Buy Setup ($QQQQ)

Similar picture across the indices but there is a nice convergence of 'buy' signals which could support a rally for a few days.

[1] A downward channel which should break
[2] A positive divergence in Rate-of-Change
[3] A pending 'buy' trigger in the MACD
[4] A 'rounding bottom' in Stochastics.

The early July breakdown gap is looking like a nice upside target.

Dr. Declan Fallon, Senior Market Technician, the free stock alerts, stock charts, watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.