SPDR S&P 500 (SPY): QQQQ closed two gaps today. "Gaps are m...

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learningboutinv

Re: None

Wednesday, 07/23/2008 4:03:19 PM

Wednesday, July 23, 2008 4:03:19 PM

QQQQ closed two gaps today. "Gaps are maps" so I think we will probably close the 47 gap sometime next week. The 47.30-47.50 area will be pretty tough to over-come and will be a good short entry? 47-47.50 area is equivalent to the $NDX 1910-1930 area.

I just don't like the look of this daily candle though. It looks like we may have a bearish reversal. (But we'll need to wait til tomorrow for confirmation.) QQQQ 46 is also pretty tough rez and the top of the congestion zone.

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