THE VULCAN REPORT
Review of $1$ QQQ - POWERSHARES QQQ TRUST SRS 1 ETF (QQQ.O)
as of Friday, August 12, 2011
Today's Price Action
Change 0.4700 (0.89%) prices closed higher than they opened. with strong Bids going into the close.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
PulseScan Swing Vix
Swing Vix: -29.50
The Market Pulse is negative since it is trading below its zero signal line.The PulseScan crossed above the Swing Vix creating a UP Trend Channel as of 1 period(s) ago. The Swing Vix is not currently in a topping (above 39) or bottoming (below -39) range.
A buy or sell signal is generated when the Swing Vix moves out of an overbought/oversold area.
*The last signal was a Over-Sold Buy 3 period(s) Ago.
The Swing Vix does not currently show any Failure Swings.The Swing Vix and price are not diverging.
*Since the last Swing Vix signal, $1$ QQQ - POWERSHARES QQQ TRUST SRS 1 ETF's price has increased 0.89% , and has ranged from a high of 53.90 to a low of 51.34.
MARKET TREND - Currently the TREND is - The UpTrend is still entact with prices holding above trendline support at- 51.40.
TREND STRENGTH - ,,,BEARISH MOMENTUM
The close is currently Above it's PulseWave Cycle TRENDLINE RETRACEMENT. - 51.40
The close is currently Above it's Long Term TRENDLINE RETRACEMENT. - 54.09
INTRADAY PRICE PROJECTIONS
RESISTANCE 53.95 - GO LONG here 54.47 place stoploss here 52.43
SUPPORT 52.83 - GO SHORT here 52.43 - place stoploss here 54.47
WEEKLY PULSE WAVE PRICE PROJECTIONS
PulseWave BreakOut RESISTANCE - 60.23-
PulseWave BreakOut SUPPORT - 56.07-
MONTHLY PRICE PROJECTIONS
Long term Trend Line resistance is currently at - 51.40
Long term Trend Line support is currently at - 42.97
BEAR MARKET DOWNTREND - (12-18mo) PRICE TARGET = 26.11
On 8/12/2011, $1$ QQQ - POWERSHARES QQQ TRUST SRS 1 ETF closed
above the lower band by 25.9%.
This combined with the steep downtrend suggests that the downward trend in prices has a good chance of continuing. However, a short-term pull-back inside the bands is likely.