"hhmmm . . . at the top of long-term resistance ..."
blasher, you are so right...
$43.00 marks the beginning of a substantial area of Gathering Resistance going into Thursday's trade.
The entire area must be captured if the QQQQ wants to continue its rally uninterrupted by a pull back.
On the other hand, in chart work, previous peaks serve as Resistance on the way back up.
Because Thursday's area of Gathering Resistance represents a significant peak, it would be a 'natural' place for a long-overdue pause and pull back to occur.
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