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Thursday, September 10, 2009

Up-Sloping Trendlines

Looking at things simply yet again, the uptrend has yet to break. When the up-sloping trendline breaks down, that will be it.

In order to keep this trendline intact the advances must "keep on keepin on". But with definite signs of momentume waning, there will be a stopping point. I do prefer log scale for such things. Although at this point its close either way even on non-log.

A break of these up-sloping lines will, at the least, result in a very good pullback time and time again. In a bear market, they signal a trend change.

The NDX chart provided is just one example provided. The blue line is even more resistance. I estimate the qqqq's stopping point would be $41.85 if the NDX manages to hit this blue line.

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