Tuesday, September 26, 2006 8:35:33 PM
The QQQQ printed another new high for its Summer Rally on Tuesday when it rose to $40.80.
$40.80 was the front door of Tuesday's narrow band of "Gathering Resistance" between $40.80 and $40.82. Resistance was found and the QQQQ fell to a subsequent low of $40.40.
Tuesday's 5-Minute Chart shows the QQQQ rising to "Gathering Resistance", pulling back $0.40, then, recovering in the afternoon:
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For Wednesday, the QQQQ is poised for a second challenge of Tuesday's area of "Gathering Resistance" between $40.80 - $40.82.
If that Resistance is captured, there is another substantial area of "Gathering Resistance" not far away (see the Support & Resistance Report spreadsheet for details).
As for the decent into the October Low ... it could begin at any moment from current lofty levels ... if not this week, then, likely, next week, after end of quarter "window dressing" is finished.
$40.80 was the front door of Tuesday's narrow band of "Gathering Resistance" between $40.80 and $40.82. Resistance was found and the QQQQ fell to a subsequent low of $40.40.
Tuesday's 5-Minute Chart shows the QQQQ rising to "Gathering Resistance", pulling back $0.40, then, recovering in the afternoon:
V
V
V
For Wednesday, the QQQQ is poised for a second challenge of Tuesday's area of "Gathering Resistance" between $40.80 - $40.82.
If that Resistance is captured, there is another substantial area of "Gathering Resistance" not far away (see the Support & Resistance Report spreadsheet for details).
As for the decent into the October Low ... it could begin at any moment from current lofty levels ... if not this week, then, likely, next week, after end of quarter "window dressing" is finished.
Buy at Support
Sell at Resistance
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