Thursday, December 14, 2006 7:54:11 AM
QQQQ - Wednesday's 5-Minute Chart...
The QQQQ gapped up on Wednesday's open to test Resistance at Tuesday's High ($44.13). After printing a high of $44.11, Resistance was found.
Wednesday's 5-Minute Chart (below) shows the QQQQ hovering just above Gathering Support for the second day in a row.
On Thursday, the best thing that traders can do is remind themselves that it's 'Options Expiration' Thursday...often a volatile day in which anything can happen.
Gathering Support for Thursday stands between $43.38 and $43.50.
If that area of Support fails, another important area of Support stands at $43.00 and is provided by a combination of the 50-Day Moving Average ($43.02) and the Spring Peak ($43.00).
The QQQQ gapped up on Wednesday's open to test Resistance at Tuesday's High ($44.13). After printing a high of $44.11, Resistance was found.
Wednesday's 5-Minute Chart (below) shows the QQQQ hovering just above Gathering Support for the second day in a row.
On Thursday, the best thing that traders can do is remind themselves that it's 'Options Expiration' Thursday...often a volatile day in which anything can happen.
Gathering Support for Thursday stands between $43.38 and $43.50.
If that area of Support fails, another important area of Support stands at $43.00 and is provided by a combination of the 50-Day Moving Average ($43.02) and the Spring Peak ($43.00).
Buy at Support
Sell at Resistance
*
*
*
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
