Monday, November 20, 2006 10:12:57 PM
QQQQ - Monday's 5-Minute Chart
The QQQQ delivered a volatile day on Monday with a spike down at the open followed by a recovery and a spike down in the afternoon, also followed by a recovery. In between spikes, the QQQQ managed to eek out a new high for 2006 when it printed $44.48.
Monday's 5-Minute Chart (below) shows the day's volatility and a wider than usual area of Gathering Resistance.
On Tuesday, the QQQQ remains deep in overbought territory where it has been content to dwell in recent days.
No one really knows on what day a meaningful pullback will begin. Some speculate that it will be one day in December. Others say, "after the New Year".
It may be that the goal of the QQQQ is long-term Resistance at the upper trend line of the Weekly Chart which stands this week at $45.50.
Whether the pull back comes sooner or later, it's time to "be careful out there".
Note: Each day's area of Gathering Support and Gathering Resistance is calculated the night before.
The QQQQ delivered a volatile day on Monday with a spike down at the open followed by a recovery and a spike down in the afternoon, also followed by a recovery. In between spikes, the QQQQ managed to eek out a new high for 2006 when it printed $44.48.
Monday's 5-Minute Chart (below) shows the day's volatility and a wider than usual area of Gathering Resistance.
On Tuesday, the QQQQ remains deep in overbought territory where it has been content to dwell in recent days.
No one really knows on what day a meaningful pullback will begin. Some speculate that it will be one day in December. Others say, "after the New Year".
It may be that the goal of the QQQQ is long-term Resistance at the upper trend line of the Weekly Chart which stands this week at $45.50.
Whether the pull back comes sooner or later, it's time to "be careful out there".
Note: Each day's area of Gathering Support and Gathering Resistance is calculated the night before.
Buy at Support
Sell at Resistance
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