QQQQ - Tuesday's 5-Minute Chart ...
The QQQQ continued its 'bear trap' rally on Tuesday by printing a new recent high of $43.09.
Tuesday's 5-Minute Chart (below) shows the QQQQ slicing through Gathering Resistance in early trade. Slicing through Gathering Resistance without at least pausing to say, 'Howdy do?' is a no-no. Therefore, the QQQQ found itself pulling back in the afternoon in order to pay its proper respects.
On Wednesday, a continuation of the 'bear trap' rally would find the QQQQ testing Resistance at its 2006 High ($43.23).
Note: Each day's area of Gathering Resistance and Gathering Support is calculated the night before.
The QQQQ continued its 'bear trap' rally on Tuesday by printing a new recent high of $43.09.
Tuesday's 5-Minute Chart (below) shows the QQQQ slicing through Gathering Resistance in early trade. Slicing through Gathering Resistance without at least pausing to say, 'Howdy do?' is a no-no. Therefore, the QQQQ found itself pulling back in the afternoon in order to pay its proper respects.
On Wednesday, a continuation of the 'bear trap' rally would find the QQQQ testing Resistance at its 2006 High ($43.23).
Note: Each day's area of Gathering Resistance and Gathering Support is calculated the night before.
Buy at Support
Sell at Resistance
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