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European Debt: An Elliott Wave Perspective

Market Overview – June 18th, 2008

June 18, 2008 at 7:07 pm | Trade Artist | Comments 0
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Today marked another day of selling in the market, with the Dow, Nasdaq and S&P all down around 1%. After gapping down at the open the Qs stayed in a range for most of the day between the open at 48.30 and the low around 47.90. Last Wednesday we mentioned that the Qs may be a bit oversold and will probably bounce back up to the 20-day moving average, which is exactly what happened. Drawing a trend channel from the June 5th high to yesterday’s high gives us a guide as to where the market is likely to go. Closing over the top channel line would signify that the market may pause or head back up before continuing the decline.

Looking at the daily chart shows a move to the downside may be more probable considering all the overhead resistance, but you have to be prepared for anything when trading the markets. The Qs have actually been holding up a lot better than the S&P and Dow due to strength in the Tech sector with stocks like RIMM and AAPL. One thing to keep in mind is the bull market in the Nasdaq was the last market to burst last October so be careful and happy trading.

QQQQ June 18, 2008

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