Monday, September 22, 2008

Technical analysis for Ultrashort QQQ ETF.

I posted recently technical analysis with Nasdaq Composite. Index has formed triple bottom formation but as I've mentioned in the post the pattern was missing positive volume measured by "On Balance Volume". Therefore it didn't give us any bullish signal.

Adam Hewisons posted his analysis on Ultrashort ETF QQQ (QID) which shows double bottom and bullish divergence on weekly charts. This is inverse ETF to PowerShares QQQ (QQQQ) which is underlying index Nasdaq 100. His video analysis you can see here.


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