Thursday, December 07, 2006 8:48:33 PM
QQQQ - Thursday's 5-Minute Chart...
The QQQQ opened on a positive note on Thursday, but then gave way to some heavy volumed selling.
Thursday's 5-Minute Chart (below) shows the QQQQ delivering what is often crudely referred to as a "gap and crap" day. It also shows how a wider than usual area of Gathering Support served as such until 3:00pm at which time Support was violated altogether, perhaps in reaction to the 3:00pm Consumer Credit Report.
On Friday, the QQQQ will trade based on the 8:30am Employment Report.
This much anticipated report will likely be a market mover that determines whether the QQQQ recovers from Thursday's pull back or continues down to test Support at last week's low ($43.26).
The QQQQ opened on a positive note on Thursday, but then gave way to some heavy volumed selling.
Thursday's 5-Minute Chart (below) shows the QQQQ delivering what is often crudely referred to as a "gap and crap" day. It also shows how a wider than usual area of Gathering Support served as such until 3:00pm at which time Support was violated altogether, perhaps in reaction to the 3:00pm Consumer Credit Report.
On Friday, the QQQQ will trade based on the 8:30am Employment Report.
This much anticipated report will likely be a market mover that determines whether the QQQQ recovers from Thursday's pull back or continues down to test Support at last week's low ($43.26).
Buy at Support
Sell at Resistance
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