Thursday, January 18, 2007 8:53:22 AM
QQQQ - Wednesday's 5-Minute Chart...
After a sluggish morning, the QQQQ pulled back in the afternoon to test Support at its 2006 High ($44.86).
Wednesday's 5-Minute Chart (below) shows the QQQQ testing Gathering Support of which Support at the 2006 High is a member.
On Thursday, the QQQQ will continue the important test of Support at its 2006 High from which it broke up and out 4 days ago after a two month consolidation beneath it.
A decisive close below Support at the 2006 High would invalidate the breakout of 4 days ago and place the QQQQ back into "trading range" mode.
Economic Reports to which the QQQQ may react are:
1) 8:30am - Consumer Price Index (CPI)
2) 10:00am - Leading Economic Indicators
3) 12:00pm - Philly Fed Manufacturing Survey
After a sluggish morning, the QQQQ pulled back in the afternoon to test Support at its 2006 High ($44.86).
Wednesday's 5-Minute Chart (below) shows the QQQQ testing Gathering Support of which Support at the 2006 High is a member.
On Thursday, the QQQQ will continue the important test of Support at its 2006 High from which it broke up and out 4 days ago after a two month consolidation beneath it.
A decisive close below Support at the 2006 High would invalidate the breakout of 4 days ago and place the QQQQ back into "trading range" mode.
Economic Reports to which the QQQQ may react are:
1) 8:30am - Consumer Price Index (CPI)
2) 10:00am - Leading Economic Indicators
3) 12:00pm - Philly Fed Manufacturing Survey
Buy at Support
Sell at Resistance
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