Thursday, February 01, 2007 9:15:20 PM
QQQQ - Thursday's 5-Minute Chart...
The QQQQ rose in early trade to test Resistance at last week's high ($44.47). After printing a high of $44.40, it pulled back to test Support in the vicinity of $44.00 before closing at $44.02.
Thursday's 5-Minute Chart (below) shows the details.
On Friday, $44.00 represents a pivotal line for the QQQQ. That's because no less than 4 individual aspects of Support/Resistance have converged at that very number.
It may help, therefore, to think of $44.00 as the 50-yard line on a football field. Above that line, the bulls have the edge. Below that line, the bears have the edge...and so it will remain until either the bulls or the bears breakout of the trading range within which the QQQQ has been confined for the last two-and-a-half months.
The QQQQ rose in early trade to test Resistance at last week's high ($44.47). After printing a high of $44.40, it pulled back to test Support in the vicinity of $44.00 before closing at $44.02.
Thursday's 5-Minute Chart (below) shows the details.
On Friday, $44.00 represents a pivotal line for the QQQQ. That's because no less than 4 individual aspects of Support/Resistance have converged at that very number.
It may help, therefore, to think of $44.00 as the 50-yard line on a football field. Above that line, the bulls have the edge. Below that line, the bears have the edge...and so it will remain until either the bulls or the bears breakout of the trading range within which the QQQQ has been confined for the last two-and-a-half months.
Buy at Support
Sell at Resistance
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