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Chart Patterns Of NASDAQ SMH QQQQ
Friday, January 6, 2006

Weekend Update - COMPQ, QQQQ, & SMH

The Nasdaq Composite (COMPQ)- Hourly Chart

The hourly chart of the Nasdaq is bullish. As you can see by looking at the chart, the COMPQ has completed it's wave (3) to (4) pullback. It is now breaking out above the slim jim. Indicators and oscillators are bullish. There is very little bearish divergence.

Nasdaq 100 Shares (QQQQ)
On the daily chart, the QQQQ's have broken out of an ascending symmetrical triangle pattern. The QQQQ's rallied up to wave 3 and then pulled back to retest the break out line and put in wave 4. Ever since then, the QQQQ's have rallied parabolic up for the last 4 days and on huge volume as well. The QQQQ's remain above the uptrend line and above resistance. So far the QQQQ's are in a bullish trend reversal. The RSI is bullish, and the Williams % and PPO and stochastics are now bullish. Today, the QQQQ's closed up 1.81% at $42.68.

Semiconductor Holders ETF (SMH)- Monthly Chart
The monthly chart shows that the SMH has been consolidating sideways for the past year. However, the SMH is now starting to look bullish. The SMH is pennies away from taking out the down trend line at $40.00. Furthermore, the indicators and oscillators are in a bullish trend reversal. The SMH is up 8.22% this month at $39.65. The bottom-line is that we just want to stick with the strongest sectors.

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