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QQQQ - Friday's 5-Minute Chart
The QQQQ performed "according to Hoyle" on Friday by continuing its rally up and out of the Symmetrical Triangle, a "continuation pattern", that had formed on the 5-Minute Chart.
Only an area of Gathering Resistance was able to stop its progress.
Friday's area of "Gathering Resistance" was composed of the following 3 individual aspects of Resistance:
1) $49.14 - the late June peak
2) $49.16 - the Daily "R2" Pivot Point
3) $49.24 - the Weekly "R2" Pivot Point
The QQQQ penetrated Friday's area of "Gathering Resistance" twice and pulled back both times:
Friday's area of "Gathering Resistance" was emailed on Thursday evening to "Support & Resistance Report" subscribers.
QQQQ - Friday's 5-Minute Chart
The QQQQ performed "according to Hoyle" on Friday by continuing its rally up and out of the Symmetrical Triangle, a "continuation pattern", that had formed on the 5-Minute Chart.
Only an area of Gathering Resistance was able to stop its progress.
Friday's area of "Gathering Resistance" was composed of the following 3 individual aspects of Resistance:
1) $49.14 - the late June peak
2) $49.16 - the Daily "R2" Pivot Point
3) $49.24 - the Weekly "R2" Pivot Point
The QQQQ penetrated Friday's area of "Gathering Resistance" twice and pulled back both times:
Friday's area of "Gathering Resistance" was emailed on Thursday evening to "Support & Resistance Report" subscribers.
QQQQ - Friday's 5-Minute Chart
The QQQQ performed "according to Hoyle" on Friday by continuing its rally up and out of the Symmetrical Triangle, a "continuation pattern", that had formed on the 5-Minute Chart.
Only an area of Gathering Resistance was able to stop its progress.
Friday's area of "Gathering Resistance" was composed of the following 3 individual aspects of Resistance:
1) $49.14 - the late June peak
2) $49.16 - the Daily "R2" Pivot Point
3) $49.24 - the Weekly "R2" Pivot Point
The QQQQ penetrated Friday's area of "Gathering Resistance" twice and pulled back both times:
Friday's area of "Gathering Resistance" was emailed on Thursday evening to "Support & Resistance Report" subscribers.
AKAM - Thursday's "Sell" Trigger...
The 'Support & Resistance Report' identifies areas of Gathering Support (Buy Triggers) and Gathering Resistance (Sell Triggers) for each day's trade.
The attached 5-Minute Chart shows how AKAM penetrated Thursday's area of "Gathering Resistance" (Sell Trigger) on two occasions and pulled each time.
Thursday's area of "Gathering Resistance" was emailed on Wednesday evening to "Support & Resistance Report" subscribers.
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AKAM - Thursday's "Sell" Trigger...
The 'Support & Resistance Report' identifies areas of Gathering Support (Buy Triggers) and Gathering Resistance (Sell Triggers) for each day's trade.
The attached 5-Minute Chart shows how AKAM penetrated Thursday's area of "Gathering Resistance" (Sell Trigger) on two occasions and pulled each time.
Thursday's area of "Gathering Resistance" was emailed on Wednesday evening to "Support & Resistance Report" subscribers.
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AKAM - Thursday's "Sell" Trigger...
The 'Support & Resistance Report' identifies areas of Gathering Support (Buy Triggers) and Gathering Resistance (Sell Triggers) for each day's trade.
The attached 5-Minute Chart shows how AKAM penetrated Thursday's area of "Gathering Resistance" (Sell Trigger) on two occasions and pulled each time.
Thursday's area of "Gathering Resistance" was emailed on Wednesday evening to "Support & Resistance Report" subscribers.
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Tuesday's Economic Reports...
The following 5-Minute Chart demonstrates the importance of being aware of which Economic Reports are being published within the trading day and at what time they are being published:
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Tuesday's Economic Reports...
The following 5-Minute Chart demonstrates the importance of being aware of which Economic Reports are being published within the trading day and at what time they are being published:
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Tuesday's Economic Reports...
The following 5-Minute Chart demonstrates the importance of being aware of which Economic Reports are being published within the trading day and at what time they are being published:
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QQQQ Tuesday's 5-Minute Chart...
The attached 5-Minute Chart shows how the QQQQ penetrated Tuesday's area of "Gathering Resistance" (Sell Trigger) in the morning and then pulled back in the afternoon.
Tuesday's area of "Gathering Resistance" was emailed on Monday evening to "Support & Resistance Report" subscribers.
http://www.support-resistance-report.com
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QQQQ Tuesday's 5-Minute Chart...
The attached 5-Minute Chart shows the how the QQQQ penetrated Tuesday's area of "Gathering Resistance" (Sell Trigger) in the morning and then pulled back in the afternoon.
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QQQQ Tuesday's 5-Minute Chart...
The attached 5-Minute Chart shows the how the QQQQ penetrated Tuesday's area of "Gathering Resistance" (Sell Trigger) in the morning and then pulled back in the afternoon.
Tuesday's area of "Gathering Resistance" was emailed on Monday evening to "Support & Resistance Report" subscribers.
http://www.support-resistance-report.com
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QQQQ Tuesday's 5-Minute Chart...
The attached 5-Minute Chart shows the how the QQQQ penetrated Tuesday's area of "Gathering Resistance" (Sell Trigger) in the morning and then pulled back in the afternoon.
Tuesday's area of "Gathering Resistance" was emailed on Monday evening to "Support & Resistance Report" subscribers.
http://www.support-resistance-report.com
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QQQQ Monday's 5-Minute Chart...
The Swing Trade Short from Thursday's area of "Gathering Resistance" (Sell Trigger) is still open.
Traders may take profits at will or wait until the QQQQ falls to an area of "Gathering Support" (Buy Trigger).
Thursday's area of "Gathering Resistance" was emailed on Wednesday evening to "Support & Resistance Report" subscribers.
http://www.support-resistance-report.com
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QQQQ - Friday's 5-Minute Chart...
shows the QQQQ performing a standard 3-wave pullback from Thursday's area of "Gathering Resistance". Note how Support was found at the rising "200-Period Moving Average".
Thursday's area of "Gathering Resistance" (Sell Alert) was emailed on Wednesday evening to "Support & Resistance Report" subscribers.
http://www.support-resistance-report.com
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QQQQ - Friday's 5-Minute Chart...
shows the QQQQ performing a standard 3-wave pullback from Thursday's area of "Gathering Resistance". Note how Support was found at the rising "200-Period Moving Average".
Thursday's area of "Gathering Resistance" (Sell Alert) was emailed on Wednesday evening to "Support & Resistance Report" subscribers.
http://www.support-resistance-report.com
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QQQQ - Friday's 5-Minute Chart...
shows the QQQQ performing a standard 3-wave pullback from Thursday's area of "Gathering Resistance". Note how Support was found at the rising "200-Period Moving Average".
Thursday's area of "Gathering Resistance" (Sell Alert) was emailed on Wednesday evening to "Support & Resistance Report" subscribers.
http://www.support-resistance-report.com
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QQQQ - Nightly Comments...
Subscribers to the Support & Resistance Report recieve not only areas of "Gathering Support" (Buy Alerts) and areas of "Gathering Resistance" (Sell Alerts), they also receive nightly comments on the QQQQ, including what to watch for in the next day's trade.
Here is an example from last Tuesday evening's comments:
Today's Results (For Tuesday, August 15th):
The QQQQ changed its tune on Tuesday. Instead of selling off after a strong open, as has been its custom in recent days, it held its gains and added to them into the close, and it did so on rising volume:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
The following 5-Minute Chart shows how the QQQQ pulled back from its initial approach to Tuesday's area of "Gathering Resistance", then recovered to capture "Gathering Resistance" in the afternoon, thereby, issuing a warning shorts:
For Wednesday, traders must realize that they are dealing with a new, more positive QQQQ, at least in the short-term.
A close above its "50-Day Moving Average" and the Summer's previous high ($37.63) on increasing volume suggests that the next leg up of the "Summer Rally" has begun.
Odds of a successful trade now favor purchases upon pullbacks to Support.
Interpreting the ADX Indicator (Daily Chart):
The thick black ADX Line which turned up from its long decline on Monday, continued to rise on Tuesday. An ADX Line that trends up suggests that the trading range is over and that a new trend is developing. Since the thin green line (buying pressure) is above the thin red line (selling pressure), the new trend is up.
An ADX Line that turns up and begins to rise is a sign that a new trend may be developing. If the thin green line is above the thin red line and rising, then the new trend will be up. If, however, the thin red line is above the thin green line and rising, then the new trend will be down.
QQQQ - Nightly Comments...
Subscribers to the Support & Resistance Report recieve not only areas of "Gathering Support" (Buy Alerts) and areas of "Gathering Resistance" (Sell Alerts), they also receive nightly comments on the QQQQ, including what to watch for in the next day's trade.
Here is an example from last Tuesday evening's comments:
Today's Results (For Tuesday, August 15th):
The QQQQ changed its tune on Tuesday. Instead of selling off after a strong open, as has been its custom in recent days, it held its gains and added to them into the close, and it did so on rising volume:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
The following 5-Minute Chart shows how the QQQQ pulled back from its initial approach to Tuesday's area of "Gathering Resistance", then recovered to capture "Gathering Resistance" in the afternoon, thereby, issuing a warning shorts:
For Wednesday, traders must realize that they are dealing with a new, more positive QQQQ, at least in the short-term.
A close above its "50-Day Moving Average" and the Summer's previous high ($37.63) on increasing volume suggests that the next leg up of the "Summer Rally" has begun.
Odds of a successful trade now favor purchases upon pullbacks to Support.
Interpreting the ADX Indicator (Daily Chart):
The thick black ADX Line which turned up from its long decline on Monday, continued to rise on Tuesday. An ADX Line that trends up suggests that the trading range is over and that a new trend is developing. Since the thin green line (buying pressure) is above the thin red line (selling pressure), the new trend is up.
An ADX Line that turns up and begins to rise is a sign that a new trend may be developing. If the thin green line is above the thin red line and rising, then the new trend will be up. If, however, the thin red line is above the thin green line and rising, then the new trend will be down.
QQQQ - Nightly Comments...
Subscribers to the Support & Resistance Report recieve not only areas of "Gathering Support" (Buy Alerts) and areas of "Gathering Resistance" (Sell Alerts), they also receive nightly comments on the QQQQ, including what to watch for in the next day's trade.
Here is an example from last Tuesday evening's comments:
Today's Results (For Tuesday, August 15th):
The QQQQ changed its tune on Tuesday. Instead of selling off after a strong open, as has been its custom in recent days, it held its gains and added to them into the close, and it did so on rising volume:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
The following 5-Minute Chart shows how the QQQQ pulled back from its initial approach to Tuesday's area of "Gathering Resistance", then recovered to capture "Gathering Resistance" in the afternoon, thereby, issuing a warning shorts:
For Wednesday, traders must realize that they are dealing with a new, more positive QQQQ, at least in the short-term.
A close above its "50-Day Moving Average" and the Summer's previous high ($37.63) on increasing volume suggests that the next leg up of the "Summer Rally" has begun.
Odds of a successful trade now favor purchases upon pullbacks to Support.
Interpreting the ADX Indicator (Daily Chart):
The thick black ADX Line which turned up from its long decline on Monday, continued to rise on Tuesday. An ADX Line that trends up suggests that the trading range is over and that a new trend is developing. Since the thin green line (buying pressure) is above the thin red line (selling pressure), the new trend is up.
An ADX Line that turns up and begins to rise is a sign that a new trend may be developing. If the thin green line is above the thin red line and rising, then the new trend will be up. If, however, the thin red line is above the thin green line and rising, then the new trend will be down.
QQQQ - Thursday's 5-Minute Chart...
shows the QQQQ rising to Thursday's area of "Gathering Resistance" (Sell Trigger) and then pulling back from there:
Thursday's area of "Gathering Resistance" was emailed on Wednesday evening to "Support & Resistance Report" subscribers.
www.support-resistance-report.com
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QQQQ - Thursday's 5-Minute Chart...
shows the QQQQ rising to Thursday's area of "Gathering Resistance" (Sell Trigger) and then pulling back from there:
Thursday's area of "Gathering Resistance" was emailed on Wednesday evening to "Support & Resistance Report" subscribers.
www.support-resistance-report.com
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QQQQ - Thursday's 5-Minute Chart...
shows the QQQQ rising to Thursday's area of "Gathering Resistance" (Sell Trigger) and then pulling back from there:
Thursday's area of "Gathering Resistance" was emailed on Wednesday evening to "Support & Resistance Report" subscribers.
www.support-resistance-report.com
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QQQQ - Wednesday's 5-Minute Chart
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QQQQ - Wednesday's 5-Minute Chart
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QQQQ - Wednesday's 5-Minute Chart
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QQQQ Tuesday's 5-Minute Chart...
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The QQQQ slugged its way to the upper end of Monday's thick area of "Gathering Resistance" only to find itself exhausted by the effort:
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When an area of "Gathering Resistance" is wider than usual, as it has been over the last few trading days, whether one should establish a short sale at the front door, or in the middle or near the top of that area can be a difficult question.
One tried and true technique in these cases is to allow the "20-Period Moving Average" of a 5-Minute Chart be your guide.
1) When a "20-Period Moving Average" is rising and
2) the price of the QQQQ is trading above it and
3) finding Support upon pullbacks to it...
then it's always a good idea to postpone a short sale until the "20-Period Moving Average" stops rising and the price of the QQQQ begins to trade below it. The 5-Minute Chart above shows how well that technique would have worked in dealing with Monday's wider than usual area of "Gathering Resistance".
The QQQQ slugged its way to the upper end of Monday's thick area of "Gathering Resistance" only to find itself exhausted by the effort:
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When an area of "Gathering Resistance" is wider than usual, as it has been over the last few trading days, whether one should establish a short sale at the front door, or in the middle or near the top of that area can be a difficult question.
One tried and true technique in these cases is to allow the "20-Period Moving Average" of a 5-Minute Chart be your guide.
1) When a "20-Period Moving Average" is rising and
2) the price of the QQQQ is trading above it and
3) finding Support upon pullbacks to it...
then it's always a good idea to postpone a short sale until the "20-Period Moving Average" stops rising and the price of the QQQQ begins to trade below it. The 5-Minute Chart above shows how well that technique would have worked in dealing with Monday's wider than usual area of "Gathering Resistance".
The QQQQ slugged its way to the upper end of Monday's thick area of "Gathering Resistance" only to find itself exhausted by the effort:
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When an area of "Gathering Resistance" is wider than usual, as it has been over the last few trading days, whether one should establish a short sale at the front door, or in the middle or near the top of that area can be a difficult question.
One tried and true technique in these cases is to allow the "20-Period Moving Average" of a 5-Minute Chart be your guide.
1) When a "20-Period Moving Average" is rising and
2) the price of the QQQQ is trading above it and
3) finding Support upon pullbacks to it...
then it's always a good idea to postpone a short sale until the "20-Period Moving Average" stops rising and the price of the QQQQ begins to trade below it. The 5-Minute Chart above shows how well that technique would have worked in dealing with Monday's wider than usual area of "Gathering Resistance".
QQQQ - Friday's 5-Minute Chart...
The following 5-Minute Chart shows that having failed a test of Wednesday's thick area of "Gathering Resistance", the QQQQ lacked the strength to challenge it again on either Thursday or Friday:
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http://www.support-resistance-report.com
Areas of "Gathering Support" and "Gathering Resistance" that apply to the next day's trade are emailed each evening to subscribers to the Support & Resistance Report.
The chart below illustrates the importance of knowing where "Gathering Support" and "Gathering Resistance" are located going into each day's trade
Subscribers received the location of Tuesday's area of "Gathering Support" on Monday evening. They received the location of Wednesday's area of "Gathering Resistance" on Tuesday evening:
The proof is in the pudding. The charts that I post here invariably show how "Gathering Support" has an uncanny ability to catch a falling price and how "Gathering Resistance" has the same ability to stop a rising price.
AI
