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Tuesday, January 30, 2007 8:36:14 AM
QQQQ - Monday's 5-Minute Chart...
The QQQQ spent Monday splashing beneath it's substantial area of Gathering Resistance.
Monday's 5-Minute Chart (below) shows the QQQQ rising at mid-day to within a stone's throw of Gathering Resistance , then pulling back at the sight of it.
On Tuesday, the QQQQ remains in the dog-house below its 50-Day Moving Average ($44.02), the Middle of the 10-Week Trading Band ($44.00) and a Double-Top Breakout ($44.00) that may be failing.
It will react at 10:00am to the Consumer Confidence Report.
Wednesday, however, will be the big day for economic reports:
1) 8:30am - Fourth Quarter GDP
2) 2:15pm - FOMC Decision on Interest Rates
Both reports will be market movers.
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 spent Monday splashing beneath it's substantial area of Gathering Resistance.
Monday's 5-Minute Chart (below) shows the QQQQ rising at mid-day to within a stone's throw of Gathering Resistance , then pulling back at the sight of it.
On Tuesday, the QQQQ remains in the dog-house below its 50-Day Moving Average ($44.02), the Middle of the 10-Week Trading Band ($44.00) and a Double-Top Breakout ($44.00) that may be failing.
It will react at 10:00am to the Consumer Confidence Report.
Wednesday, however, will be the big day for economic reports:
1) 8:30am - Fourth Quarter GDP
2) 2:15pm - FOMC Decision on Interest Rates
Both reports will be market movers.
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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