QQQQ - Wednesday's 5-Minute Chart ...
The most important observation that can be made regarding Wednesday's pull back is that the QQQQ closed below Support at its rising '20-Day Moving Average' for the first time since mid-August.
Wednesday's 5-Minute Chart below shows that the force of the pull back was such that an inititial area of Gathering Support failed; and that the QQQQ was forced, therefore, to rely on a second area of Gathering Support between $41.79 and $41.82 from which it bounced modestly into the close.
On Thursday, what the QQQQ does in relation to its '20-Day Moving Average' will have the undivided attention of the market.
If the QQQQ proves unable to recapture and hold that line, then a deeper pull back may, at long last, be in store.
An area of Gathering Support (Buy Alert) lies between $__.__ and $__.__ going into Thursday's trade.
An area of Gathering Resistance (Sell Alert) lies between $__.__ and $__.__
The most important observation that can be made regarding Wednesday's pull back is that the QQQQ closed below Support at its rising '20-Day Moving Average' for the first time since mid-August.
Wednesday's 5-Minute Chart below shows that the force of the pull back was such that an inititial area of Gathering Support failed; and that the QQQQ was forced, therefore, to rely on a second area of Gathering Support between $41.79 and $41.82 from which it bounced modestly into the close.
On Thursday, what the QQQQ does in relation to its '20-Day Moving Average' will have the undivided attention of the market.
If the QQQQ proves unable to recapture and hold that line, then a deeper pull back may, at long last, be in store.
An area of Gathering Support (Buy Alert) lies between $__.__ and $__.__ going into Thursday's trade.
An area of Gathering Resistance (Sell Alert) lies between $__.__ and $__.__
Buy at Support
Sell at Resistance
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