Morning update (2);
NQ 200 weekly MA right here at 1749. If we lose that, we could see the February lows. AD lines are very negative, there are no buyers in sight. I still don't want to touch it short down here, NQ is now 8% away from its 20 dma. At least not until we see how the turn goes. Hedge fund mania.
The one problem I see for bulls is the refusal of ISE equity to drop below 140 for very long. Are there too many dip buyers? Will we be putting in the lows this month and not next? Many questions not answered yet. One thing for sure: if SPX loses the July lows, we should see 1160/1170. But we should get some kind of rally before that.
NQ 200 weekly MA right here at 1749. If we lose that, we could see the February lows. AD lines are very negative, there are no buyers in sight. I still don't want to touch it short down here, NQ is now 8% away from its 20 dma. At least not until we see how the turn goes. Hedge fund mania.
The one problem I see for bulls is the refusal of ISE equity to drop below 140 for very long. Are there too many dip buyers? Will we be putting in the lows this month and not next? Many questions not answered yet. One thing for sure: if SPX loses the July lows, we should see 1160/1170. But we should get some kind of rally before that.
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on Friday, September 05, 2008 at 9/05/2008 11:02:00 AM.
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9/5/08 11:40 AMQQQQ 200 week MA down at 42.63, which is also about a .786 of 41.02-48.57
when you give your longer range MA's on the futures, they are often quite a ways from the numbers on the cash, due to the futures contracts only really trading during their 3 month span(and we roll to december futures next thursday!)
of course, the test is if the market respects your numbers on the futures, or not
9/5/08 11:49 AM
Thanks Deke. No, I use the continuous contract (adjusted for all strike prior)when going longer term with NQ. On Esignal, the symbol is NQ #F, same for Qcharts 6.0. On 5.1, its NQ Q. This enables you to trade NQ after hours knowing longer term MA's. I like the futures because they include gaps and pivots that are used by hedge funds.
In fact we are also finding support at the 50 month MA.
9/5/08 12:04 PM
Should read support above the 50 month, which is a little lower at 1732. But it looks like they are front-running.
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