HNP is in similar condition as SUNW. It needs to break out SMA 20 now to change its current downtrend. However, in the past two months, it has not done so. It backed down from the SMA 20.
Tag Archives: Downtrend
HNP
HNP is in similar condition as SUNW. It needs to break out SMA 20 now to change its current downtrend. However, in the past two months, it has not done so. It backed down from the SMA 20.
QQQ, RUT, SPX and INDU
QQQ, RUT and SPX are all at or close to their 52 week high. The only exception is the INDU, which is breaking out from its downtrend line. Today’s rally were wide spread, but the volumes were at about average levels. Whether or not the overhead resistences can be taken out it remains to be seen in the comming days. As the election was over, traders and invetors alike move their focus back to routine aspects.
The vertical spread on QQQ Nov calls opened a while ago has increased its value to 0.85 or 100%. If the QQQ stays above 37, it can reach maximum profit of 1.15 or 135%.
Market pullbacks
INDU backed off from the resistence just like last failed attempt to break the downtrend line. Similar actions were seen at RUT, SPX and NDX. However, if the cahnnels are held intact, they present some good entry points to go long.
RUT
RUT has broken its downtrend line. I have a remaining position on PMCGX which tracks RUT closely and was planning to close it around 21. Let’s wait and see if this move can last into next week.
