Thursday, August 13, 2009

$QQQQ 60-MIN: Broadening Wedge?

Looking at how the futures action is playing out this morning it appears the market wants to go higher but is doing so without the volume to sustain it. One possibility is a broadening wedge given the scrappy action is making the sideways/flat trading range difficult to fit too.

With respect to market breadth, the late day surge did not improve matters; new MACD 'sell' in Percentage of Nasdaq Stocks above 50-day MA.

A frustrating August...

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.