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ShepWave Short Term QQQQ (NDX) Update Published. Big Move Coming in the indexes this week??
by ShepWave.com
Posted: 7/22/2007 21:17 EST

As mentioned in the previous updates this weekend. There are many reasons to believe that the indexes have possibly reached at least a mid term top. As disciplined traders we don't assume anything. Cautious traders need to wait for the key triggers to be hit as shown in the first two updates this weekend. Aggressive traders can use this third update as trigger points. Tonight's update gives specific guidance for those trading the QQQQ.

The Bullish Percentage Index of the NYSE seems to be confirming the possibility of a bearish mid term trend coming in to play. A quick move to the 44.65 area would not be surprising.

Go to www.shepwave.com for tonight's Special QQQQ Short Term ShepWave Update.

In tonight's ShepWave Update Part II I show some critical trigger areas whether you are already LONG or SHORT and whether you are looking to go LONG or SHORT.the NDX, QQQQ, Nasdaq Composite. Next week could be a very critical week. This past week was options expiration week. So, what will next week bring us now that market makers aren't worried about the options positions.

Potential for a 300-500 point move in the Dow Industrials index next week. Potential for a 100 point move in the NDX and Nasdaq Composite indexes over the next week or so.

Have we seen a key top in the U.S. Equity Indexes?

go to http://www.shepwave.com/ for today's ShepWave Update part II

I will write the regular scheduled update for Monday in two or three parts. The trade set ups that we showed in Thursday Night's update faired well. Also, there was a quick intraday trade that was profitable. Flip Trade. Then Flipped again. Nice Profits Friday.

With the markets in the their current situation it is actually easier to play the short term trends. This will change one way or the other. Eventually. There is a lot of reasons to support the bearish argument at this time. Markets have hit Fibonacci extension and Fibonacci Retracement (Nasdaq Composite) target areas that should provide some resistance. However, the major trend lines (UP) have NOT been broken to confirm that the mid term trend is indeed down. In this first update I will show the Dow and S&P 500 indexes and what to look for next week. I will identify some trading opportunities.

Go to www.shepwave.com for today's ShepWave Part I update for Monday Morning.

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Reference: Shepwave.com is a technical analysis site for the Major U.S. stock indexes. We use Elliott Wave theory along with our proprietary indicators to give analysis for the Dow Industrials, Nadaq 100 and S&P 500 indexes. We specialize in trading the QQQ and DIA.

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