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QQQQ - Charts and Comments Have Been Updated.
The "Support & Resistance Report" identified an area of "Gathering Resistance" between $39.85 and $39.91 going into Tuesday's trade, and so it was found to be.
After printing a high of $39.88, the QQQQ fell to a subsequent low of $39.29.
For a visualization of Tuesday's area of 'Gathering Resistance', see the Daily and 5-Minute Charts of the QQQQ:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
QQQQ - Charts and Comments
Feel free to view the QQQQ Charts (from the 30-Minute Chart to the Weekly Chart) as often as you like.
They display price action in real-time during the course of the trading day (no 20-minute delay):
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
If your hands are tied by "Pattern Day-Trader" Rules because of a trading account that contains less than $25,000, get back in the game with a new and extraordinary type of trading account.
Click here for details:
http://mewinfree.home.comcast.net/YourNewTradingAccount.html
QQQQ - Charts & Comments are Updated:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
October can be a difficult month for the market.
Therefore, a Special Offer is extended to subscribers of the "Support & Resistance Report". Check it out:
http://mewinfree.home.comcast.net/SupportAndResistanceReport.html
Charts & Comments Updated for the following Indexes:
$COMPQ, $NDX and $SPX
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617&cmd=show[s57481425]&disp=...
$INDU, $OEX, $SOX, $RUT and $DAX
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617&cmd=show[s57481430]&disp=...
$OEX
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617&cmd=show[s57481475]&disp=...
$HUI and $XAU
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617&cmd=show[s57481484]&disp
QQQQ - From tonight's 'Support & Resistance Report'
The 'Support & Resistance Report' identified an area of 'Gathering Support' between $38.35 and $38.21 going into Thursday's trade, and so it was found to be.
After opening at $38.44, the QQQQ dropped in early trade to test its area of "Gathering Support". After printing a low of $38.24, Support was found. A subsequent rally lifted the QQQQ 45 cents to $38.69 shortly after 10:00am.
Another drop in the afternoon found the QQQQ testing its area of "Gathering Support" again. After printing a low of $38.24 again, Support was found again. A subsequent rally lifted the QQQQ 49 cents to its high of day ($38.73).
See the 5-Minute Chart for a visualization of today's price action:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
Thursday's rally resulted in a phenomenon on the Daily Chart known as a "back-side-bounce". It's called a "back-side-bounce" because the price rose high enough to kiss the "back side" of the rising trend line that was violated to the downside on Wednesday.
Do not be fooled into a bullish stance because of Thursday's rally. Having been violated on Wednesday, there is now Resistance at that rising trend line. After Resistance has been thoroughly tested, the overall down trend will resume.
For Friday, be prepared for another "back-side-bounce" against the rising trend line. Keep in mind, however, that it is not the beginning of the next leg up. Rather, it is the precursor to the next downdraft.
The best trading strategy in a Down Trend is to sell when prices rally to areas of Resistance, especially if prices rally to areas of "Gathering Resistance" (highlighted in purple on the "Support & Resistance Report" Spreadsheet).
Visit the "Support & Resistance Report" web site:
http://home.comcast.net/~mewinfree/SupportAndResistanceReport.html
QQQQ - Charts and Comments
The 'Support & Resistance Report' identified an area of 'Gathering Support' between $38.35 and $38.21 going into Thursday's trade, and so it was found to be.
QQQQ Charts:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
"Support & Resistance Report" web site:
http://home.comcast.net/~mewinfree/SupportAndResistanceReport.html
SNDK - Feel free to view the SNDK Charts (Daily and Weekly) as often as you like.
They display price action in real-time (no 20-minute delay) during the course of the trading day:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617&cmd=show[s574 81439]&disp=O
"Support & Resistance Report" web site:
http://home.comcast.net/~mewinfree/SupportAndResistanceReport.html
RIMM - Feel free to view the RIMM Chart as often as you like.
It displays price action in real-time (no 20-minute delay) during the course of the trading day:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617&cmd=show[s57481439]&disp=...
"Support & Resistance Report" web site:
http://home.comcast.net/~mewinfree/SupportAndResistanceReport.html
ENER, RIG and $XAU are the latest additions to the "Support & Resistance Report".
Feel free to view their charts and comments as often as you like. They display price action in real-time (no 20-minute delay) during the course of the trading day:
ENER:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617&cmd=show[s57481435]&disp=...
RIG:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617&cmd=show[s57481440]&disp=...
$XAU:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617&cmd=show[s57481483]&disp=...
QQQQ - The "Support & Resistance Report" identified an area of "Gathering Support" between $38.98 and $39.04 going into Thursday's trade, and so it was found to be...
"Support & Resistance Report" web site:
http://home.comcast.net/~mewinfree/SupportAndResistanceReport.html
Stock Charts web site:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
The "Support & Resistance Report" highlights areas of concentrated Support and Resistance for 39 stocks and indexes charted at my web site:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
The "free trial" period for the report ends after this Tuesday, September 6th.
The report that applies to Tuesday's trade is now available for download at the following web site:
http://home.comcast.net/~mewinfree/SupportAndResistanceReport.html
Enjoy!
The "Support & Resistance Report" in preparation for Friday's trade is now available for download:
http://home.comcast.net/~mewinfree/SupportAndResistanceReport.html
QQQQ - From the "Support & Resistance Report"...
After 6 days of pounding against Support at the "Fibonacci 38% Retrace" of the Summer Rally ($38.77), the QQQQ finally closed below it at $38.73:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
For traders who may still be in a bullish frame of mind, it is not a point in their favor.
A close below Support at $38.77 constitutes a warning to those holding long positions. That's because failed Support at that line will likely lead to a test Support at the "Fibonacci 50% Retrace" of the Summer Rally. The "Fibonacci 50% Retrace" stands at $38.35.
For Wednesday, however, the QQQQ would have to slug through some major league Support between $38.53 and $38.52 in order to reach $38.35 (see the area of "Gathering Support" highlighted in purple on the "Support & Resistance Report" Spreadsheet).
A close below Support at $38.35 takes the QQQQ to the next area of concentrated Support in the $38 vicinity (see the spreadsheet again).
To download a free copy of the "Support & Resistance Report" Spreadsheet, click here:
http://home.comcast.net/~mewinfree/SupportAndResistanceReport.html
Charts & Comments for the QQQQ:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
QQQQ - Support at the "Fibonacci 38% Retrace" of the Summer Rally stands at $38.77.
The QQQQ violated that Support shortly befor 12:30pm on its way to print a new low ($38.60) since the peak of the Summer Rally ($40.14).
It has since recoved back to the $38.77 area and is so far finding Resistance there.
The QQQQ must recapure Support at $38.77. Otherwise, it will be paying a visit to the ""Fibonacci 50% Retrace" of the Summer Rally at $38.35.
Feel free to view the QQQQ Charts as often as you like. They display price aciton in real-time (no 20-minute delay) during the course of the trading day:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
EYET up over 60% from its post "Competition with Genentech" scare.
QLTI up only 9% from its post "Competition with Genentech" scare.
QLTI has some cathing up to do.
QLTI - OSIP's buyout of EYET is great news for QLTI.
If OSIP sees EYET as greatly undervalued because of the "Competition from Genentech" scare, then QLTI will be viewed in the same way, that is, as being greatly undervalued because of the "Competition from Genentech" scare.
The OSIP/EYET news comes at a time when the "Weekly Chart" for QLTI is screaming, "It's time to reverse up!":
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617&cmd=show[s56095199]&disp=...
QLTI is edging up now in pre-market trade. It may end up nicely today and this week in sympathy with EYET.
The "Support & Resistance Report" Spreadsheet is free between now and Friday, September 2nd.
The report that applies to Monday's Trade is available for download now:
http://home.comcast.net/~mewinfree/SupportAndResistanceReport.html
QQQQ - The 5-Minute Chart of the QQQQ highlights in blue the area of "Gathering Resistance" going into Monday's trade.
You can see the effect that the area of Resistance is having.
A close above it constitues a warning to those holding short positions. That's because it opens the door to another test of Resistance at the 2004 high at $40.29:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
Comments from Thursday night's "Support & Resistance Report":
The QQQQ delivered an "inside" day on Thursday. We've seen "inside" days before. It's when the high of the day does not move above the previous day's high and the low of the day does not move below the previous day's low.
An "Inside" day ordinarily indicates indecision. This one, however, leaned toward a more positive interpretation because it closed near its high, presumably in anticipation of a good earnings report from DELL.
DELL, however, ended down over $3.00 in after hours trade. It took the QQQQ down with it.
The Fibonacci 50% Retrace of the Summer Rally's losses going into Thursday's trade stood at $39.55. The QQQQ rose early in the day to test Resistance at that level. After printing a high of $39.54, Resistance was found (See the 5-Minute Chart):
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
The QQQQ subsequently pulled back to find Support at the previous day's closing price ($39.11). Support was found and the QQQQ recovered to close at $39.43.
It's last trade in the after-hours market, however, was $39.22, down 21 cents from its closing price, compliments of DELL's earnings report.
Resistance at the Fibonacci 50% Retrace of the Summer Rally's losses remains unchanged at $39.55 going into Friday's trade.
Failed Support at $39.21, opens the door to a minimum Fibonacci 38% Retrace of the Summer Rally ($38.77) and perhaps a 50% Retrace ($38.35). See the Daily Chart for the Summer Rally's Fibonacci Lines:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
The 50% Retrace Line ($38.35) would be a good place for the QQQQ to find Support and a bounce. That's because the "50-Day Moving Average" ($38.37) happens to be in the same vicinity. The combination of these 2 aspects of Support compose an area of fortified Support.
The best trading strategy in a Down Trend is to sell when prices rally to areas of Resistance, especially if prices rally to areas of "Gathering Resistance" (highlighted in purple on the "Support & Resistance Report" Spreadsheet).
QQQQ - The daily goal of the market is to leave as many traders as possible holding the short end of the stick. It doesn't matter whether they are long or short, the market is out to get them all.
The market was at its diabolical best in this regard on Wednesday. Against all odds (still rising oil, rising interest rates and a big disappointment by CSCO that triggered a steep sell off in that stock), the QQQQ rose in early morning trade to a high of $39.69.
It stubbornly remained in that vicinity all morning. It was enough to encourage many traders to close their short positions. It was enough to encourage many others to open long positions. By the end of the day, the former shorts and the new longs were all licking their wounds.
The only defense that traders have against this diabolical nature of the market is to make themselves aware on a daily basis of the probable locations of Resistance and of Support.
In last nights notes, Fibonacci calculations were done in order to reveal where Resistance was likely to be found in Wednesday's trade. $39.64 marked the 50% Retrace of the Summer Rally's losses up to that point. That's about where Resistance was found on Wednesday.
The QQQQ rose another 4 1/2 cents beyond Resistance at $39.64 in order to make sure that many traders where thoroughly scared out of their short positions and that other traders were scammed into long positions.
Then, shortly after 12:00PM, the trap was sprung. The QQQQ declined to a new post-Summer Rally low of $38.97. It closed at $39.11.
Wednesday's failed Support at $39.21, opens the door to a minimum Fibonacci 38% Retrace of the Summer Rally ($38.77) and perhaps a 50% Retrace ($38.35). See the Daily Chart for the Summer Rally's Fibonacci Lines:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
The 50% Retrace Line ($38.35) would be a good place for the QQQQ to find Support and bounce. That's because the "50-Day Moving Average" ($38.34) happens to be in the same vicinity. The combination of these 2 aspects of Support compose an area of fortified Support.
Target Stores (TGT) and Dell Computers (DELL) both report earnings on Thursday. Target reports before the market opens. Dell reports after the close. Each report has the potential to be a market mover. Target's report and the response it receives from the market will be of special interest. That's because it was a poor retail report for July, published last Thursday, that triggered the current sell off in the general market.
The best trading strategy in a Down Trend is to sell when prices rally to areas of Resistance, especially if prices rally to areas of "Gathering Resistance" (highlighted in purple on the "Support & Resistance Report" Spreadsheet).
The best trading strategy in an Up Trend is to buy when prices pull back to areas of Support, especially if prices pull back to areas of "Gathering Support" (highlighted in purple on the "Support & Resistance Report" Spreadsheet).
(The above comments are taken from the "Support & Resistance Report" that is emailed to subscribers at the end of each trading day.)
Feel free to view the JNJ Chart as often as you like.
It reflects price action in real-time during the course of the trading day:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617&cmd=show[s41192909]&disp=...
JNJ - Both the Daily Chart and the 30-Minute Chart show the beginnings of a "Covergence" Play.
It started today off of Support at the "200-Day Moving Average":
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617&cmd=show[s54060560]&disp=...
A free copy of the "Support & Resistance Report" that applies to Wednesday's trade for SNDK is now available.
You may request a copy by clicking on the "Send Feedback To The Author" link at the top of the following web site:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617&cmd=show[s45428955]&disp=...
Chart and Comments Updated for UTSI:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617&cmd=show[s41192916]&disp=...
Charts and comments for the QQQQ have been updated.
Check out the 5-Minute Chart. 5 Waves Up a Rising Wedge = Weakness in the mornig:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
Charts and Comments Updated for the QQQQ...
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
Charts and Comments for the QQQQ have been updated:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
XMSR reports earnings Wednesday morning before the bell.
Daily, Weekly and "Point & Figure" Charts for XMSR:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617&cmd=show[s46967093]&disp=...
Real-time chart and comments for AMLN...
Unique treatment for Diabetes to receive thumbs up or thumbs down by April 30th:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617&cmd=show[s44408452]&disp=...
Don't leave home without your Pivots:
http://home.comcast.net/~mewinfree/SupportAndResistanceReportPivots.html