AI
Sunday, January 21, 2007 5:53:49 PM
QQQQ - Friday's 5-Minute Chart...
The QQQQ spent Friday testing Gathering Support between $43.87 and $43.95.
Friday's 5-Minute Chart (below) shows two separate bounces from Gathering Support.
On Monday, the QQQQ is not out of the woods. It must continue to find Support at the combination of its 20-Day and 50-Day Moving Averages whose values are in close proximity to one another at the moment between $43.92 and $43.96 and which are fortified by 3 additional apspects of Support that together form a 5-member area of Gathering Support between $43.91 and $44.00.
Failed Support here would represent a short-term negative for the QQQQ with the potential to give Support at the Spring Peak($43.00) another test (See the Daily Chart ... not shown here).
Each day's area of Gathering Support and Gathering Resistance is calculated the night before:
The QQQQ spent Friday testing Gathering Support between $43.87 and $43.95.
Friday's 5-Minute Chart (below) shows two separate bounces from Gathering Support.
On Monday, the QQQQ is not out of the woods. It must continue to find Support at the combination of its 20-Day and 50-Day Moving Averages whose values are in close proximity to one another at the moment between $43.92 and $43.96 and which are fortified by 3 additional apspects of Support that together form a 5-member area of Gathering Support between $43.91 and $44.00.
Failed Support here would represent a short-term negative for the QQQQ with the potential to give Support at the Spring Peak($43.00) another test (See the Daily Chart ... not shown here).
Each day's area of Gathering Support and Gathering Resistance is calculated the night before:
Buy at Support
Sell at Resistance
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