The QQQQ spent Thursday trapped between Gathering Support in the vicinity of $43.00 and Resistance in the vicinity of its 50-Day Moving Average.
Thursday's 5-Minute Chart (below) shows the QQQQ bouncing between Support and Resistance as mentioned above.
Friday represents the QQQQ's last chance in 2006 to recapture Resistance at its 50-Day Moving Average. The 50-Day stands at $43.38 going into Friday's trade.
The QQQQ must recapture and hold Resistance at its 50-Day Moving Average in order to regain a clean bill of health for the intermediate-term (the weeks and months to come).
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