Zeev's Turnips Patch-No Politics (ZEEV)

[Mr Nasdaq]

QQQQ - From the "Support & Resistance Report"...

After 6 days of pounding against Support at the "Fibonacci 38% Retrace" of the Summer Rally ($38.77), the QQQQ finally closed below it at $38.73:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617

For traders who may still be in a bullish frame of mind, it is not a point in their favor.

A close below Support at $38.77 constitutes a warning to those holding long positions. That's because failed Support at that line will likely lead to a test Support at the "Fibonacci 50% Retrace" of the Summer Rally. The "Fibonacci 50% Retrace" stands at $38.35.

For Wednesday, however, the QQQQ would have to slug through some major league Support between $38.53 and $38.52 in order to reach $38.35 (see the area of "Gathering Support" highlighted in purple on the "Support & Resistance Report" Spreadsheet).

A close below Support at $38.35 takes the QQQQ to the next area of concentrated Support in the $38 vicinity (see the spreadsheet again).

To download a free copy of the "Support & Resistance Report" Spreadsheet, click here:
http://home.comcast.net/~mewinfree/SupportAndResistanceReport.html