Monday, January 22, 2007 11:38:11 PM
QQQQ - Monday's 5-Minute Chart...
The QQQQ demonstrated severe weakness on Monday by violating yet another significant area of
Gathering Support.
Monday's 5-Minute Chart (below) shows the QQQQ slicing through a 5-member area of Gathering Support that included the 50-Day Moving Average and the Middle of the 10-Week Trading Band, both of which are significant in that they represent intermediate-term aspects of Support.
On Tuesday, it will be important for the QQQQ to capture what is now Resistance at the combination of its 50-Day Moving Average ($43.94) and the Middle of the 10-Week Trading Band ($44.00). That's because many fund managers treat two consecutive closes below either of these two aspects of Support as a "Sell" Signal.
The QQQQ demonstrated severe weakness on Monday by violating yet another significant area of
Gathering Support.
Monday's 5-Minute Chart (below) shows the QQQQ slicing through a 5-member area of Gathering Support that included the 50-Day Moving Average and the Middle of the 10-Week Trading Band, both of which are significant in that they represent intermediate-term aspects of Support.
On Tuesday, it will be important for the QQQQ to capture what is now Resistance at the combination of its 50-Day Moving Average ($43.94) and the Middle of the 10-Week Trading Band ($44.00). That's because many fund managers treat two consecutive closes below either of these two aspects of Support as a "Sell" Signal.
Buy at Support
Sell at Resistance
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