Wednesday, January 17, 2007 8:30:43 AM
QQQQ - Tuesday's 5-Minute Chart...
The QQQQ delivered a narrow 27-cent trading range on Tuesday ahead of Intel's after-hours earnings report.
Tuesday's 5-Minute Chart (below) shows a sluggish day in which the QQQQ tested neither Gathering Support below nor Gathering Resistance above.
On Wednesday, the QQQQ will trade initially based on the 8:30am (EST) Producer Price Index (PPI) Report. The PPI is a measurement of inflation at the wholesale level and, therefore, is always a market mover.
Later in the day, the QQQQ will trade based on the 2:00pm (EST) Beige Book Report. The Beige Book is published by the Fed and is scanned for hints on what the Fed plans to do with interest rates at its next meeting.
Buy at Gathering Support ... Sell at Gathering Resistance.
Each day's area of Gathering Support and Gathering Resistance is calculated the night before (Wednesday's areas are slightly different from the areas shown below that applied to Tuesday's trade):
The QQQQ delivered a narrow 27-cent trading range on Tuesday ahead of Intel's after-hours earnings report.
Tuesday's 5-Minute Chart (below) shows a sluggish day in which the QQQQ tested neither Gathering Support below nor Gathering Resistance above.
On Wednesday, the QQQQ will trade initially based on the 8:30am (EST) Producer Price Index (PPI) Report. The PPI is a measurement of inflation at the wholesale level and, therefore, is always a market mover.
Later in the day, the QQQQ will trade based on the 2:00pm (EST) Beige Book Report. The Beige Book is published by the Fed and is scanned for hints on what the Fed plans to do with interest rates at its next meeting.
Buy at Gathering Support ... Sell at Gathering Resistance.
Each day's area of Gathering Support and Gathering Resistance is calculated the night before (Wednesday's areas are slightly different from the areas shown below that applied to Tuesday's trade):
Buy at Support
Sell at Resistance
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