Wednesday, January 24, 2007 9:54:23 PM
QQQQ - Wednesday's 5-Minute Chart...
The QQQQ gapped up at the open on Wednesday and after doing battle for more than an hour with Gathering Resistance at $44.00, Resistance was captured which opened the door to an impressive rally.
Wednesday's 5-Minute Chart (below) shows the struggle with Gathering Resistance at $44.00, the eventual capture of that Resistance and the subsequent rally that proved strong enough to capture the day's second and less imposing line of Gathering Resistance at $44.17.
On Thursday, the QQQQ may present traders with another gap-up open based on favorable reaction to several earnings reports that were published after the market closed.
Wednesday's recapture of Resistance at the 50-Day Moving Average ($43.98) and the Middle of the 10-Week Trading Band ($44.00) represents a short-term positive for the QQQQ.
Each day's area of Gathering Support and Gathering Resistance is calculated the night before and may be loaded as 'Alerts' into the Medved QuoteTracker via QuoteTracker's 'Paste from Excel' Button:
The QQQQ gapped up at the open on Wednesday and after doing battle for more than an hour with Gathering Resistance at $44.00, Resistance was captured which opened the door to an impressive rally.
Wednesday's 5-Minute Chart (below) shows the struggle with Gathering Resistance at $44.00, the eventual capture of that Resistance and the subsequent rally that proved strong enough to capture the day's second and less imposing line of Gathering Resistance at $44.17.
On Thursday, the QQQQ may present traders with another gap-up open based on favorable reaction to several earnings reports that were published after the market closed.
Wednesday's recapture of Resistance at the 50-Day Moving Average ($43.98) and the Middle of the 10-Week Trading Band ($44.00) represents a short-term positive for the QQQQ.
Each day's area of Gathering Support and Gathering Resistance is calculated the night before and may be loaded as 'Alerts' into the Medved QuoteTracker via QuoteTracker's 'Paste from Excel' Button:
Buy at Support
Sell at Resistance
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