Sunday, December 17, 2006 6:08:24 PM
QQQQ - Friday's 5-Minute Chart...
The QQQQ gapped up at the open on Friday in positive reaction to the 8:30am Consumer Price Index (CPI) Report that showed inflation at the consumer level remains tame.
Friday's 5-Minute Chart (below) shows the QQQQ open at $44.76, one cent below Friday's area of Gathering Resistance. Resistance was found at that point and $44.76 proved to be Friday's high.
On Monday, the QQQQ remains at the upper end of its recent trading range, the high of which is the high of 2006 ($44.86).
The first Economic Report of note for the week will arrive at 8:30am on Tuesday. It's the Producer Price Index (PPI) Report.
The monthly PPI is a measurement of inflation that manufacturer's of goods are experiencing. It is, therefore, a close relative to last Friday's CPI Report and, like the CPI, is ordinarily a market mover.
The QQQQ gapped up at the open on Friday in positive reaction to the 8:30am Consumer Price Index (CPI) Report that showed inflation at the consumer level remains tame.
Friday's 5-Minute Chart (below) shows the QQQQ open at $44.76, one cent below Friday's area of Gathering Resistance. Resistance was found at that point and $44.76 proved to be Friday's high.
On Monday, the QQQQ remains at the upper end of its recent trading range, the high of which is the high of 2006 ($44.86).
The first Economic Report of note for the week will arrive at 8:30am on Tuesday. It's the Producer Price Index (PPI) Report.
The monthly PPI is a measurement of inflation that manufacturer's of goods are experiencing. It is, therefore, a close relative to last Friday's CPI Report and, like the CPI, is ordinarily a market mover.
Buy at Support
Sell at Resistance
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