AI
Sunday, January 28, 2007 7:51:57 PM
QQQQ - Friday's 5-Minute Chart...
After printing a new low for the week at $43.29, the QQQQ recovered from that low and spent the remainder of the day within a 30-cent trading range.
Friday's 5-Minute Chart (below) shows the details of a day in which the QQQQ neither rose to an area of Gathering Resistance nor fell to an area of Gathering Support.
On Monday, the QQQQ remains in the dog-house below its 50-Day Moving Average ($44.01), the Middle of the 10-Week Trading Band ($44.00) and a Double-Top Breakout ($44.00) that may be failing.
As long as the QQQQ remains below what is now an area of Gathering Support beginning at $44.00 and extending to $44.10 (for Monday's Trade), the bears retain an edge and a test of the low end of the two-and-a-half month trading range ($43.00 - $42.52) remains in the cards.
A capture of the 5-member area of Gathering Resistance between $44.00 and $44.10, however, would suggest that the bulls have the ball and are running with it.
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.
A list of individual aspects of Support & Resistance that converge to form areas of Gathering Support and Gathering Resistance may be found here: Individual Aspects of Support & Resistance
After printing a new low for the week at $43.29, the QQQQ recovered from that low and spent the remainder of the day within a 30-cent trading range.
Friday's 5-Minute Chart (below) shows the details of a day in which the QQQQ neither rose to an area of Gathering Resistance nor fell to an area of Gathering Support.
On Monday, the QQQQ remains in the dog-house below its 50-Day Moving Average ($44.01), the Middle of the 10-Week Trading Band ($44.00) and a Double-Top Breakout ($44.00) that may be failing.
As long as the QQQQ remains below what is now an area of Gathering Support beginning at $44.00 and extending to $44.10 (for Monday's Trade), the bears retain an edge and a test of the low end of the two-and-a-half month trading range ($43.00 - $42.52) remains in the cards.
A capture of the 5-member area of Gathering Resistance between $44.00 and $44.10, however, would suggest that the bulls have the ball and are running with it.
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.
A list of individual aspects of Support & Resistance that converge to form areas of Gathering Support and Gathering Resistance may be found here: Individual Aspects of Support & Resistance
Buy at Support
Sell at Resistance
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