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Sunday, December 10, 2006 10:10:26 PM
QQQQ - Friday's 5-Minute Chart...
The QQQQ demonstrated on Friday that dip buyers are alive and well, ready to step up to the plate whenever a piece of good economic news arrives. In this case, the good news came in the form of a better than expected Employment Report.
Friday's 5-Minute Chart shows the QQQQ recovering from a bout of profit taking that began on Thursday.
On Monday, the QQQQ will pick up where it left off, bouncing up and down within the context of a trading range, the upper end of which is the high of 2006 ($44.86), the lower end of which, so far, is Support in the vicinity of the Spring peak ($43.00).
The main economic event of the week will be Tuesday's FOMC Meeting. The Fed's decision on interest rates will be released at the usual time, 2:15pm and will likely be a market mover.
The QQQQ demonstrated on Friday that dip buyers are alive and well, ready to step up to the plate whenever a piece of good economic news arrives. In this case, the good news came in the form of a better than expected Employment Report.
Friday's 5-Minute Chart shows the QQQQ recovering from a bout of profit taking that began on Thursday.
On Monday, the QQQQ will pick up where it left off, bouncing up and down within the context of a trading range, the upper end of which is the high of 2006 ($44.86), the lower end of which, so far, is Support in the vicinity of the Spring peak ($43.00).
The main economic event of the week will be Tuesday's FOMC Meeting. The Fed's decision on interest rates will be released at the usual time, 2:15pm and will likely be a market mover.
Buy at Support
Sell at Resistance
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