AI
Tuesday, May 15, 2012 3:13:25 PM
1320 prior resistance as support
That would be the first line to watch, 1300 psychological support next, then 1260 if that one fails.
If we repeat the Intraday Euro move then all those higher levels will only act as consolidation platforms before the next breakdown.
QQQ has all the way down to 60 as a prior resistance for support and that one might be the more critical level.
SPY is already below last July's levels so 1300 would be the next logical support area. If we consolidate and sell again then QQQ 60 would be my Watch area. Not sure where SPY might be when that happens though.
Here is one of RCKS charts for QQQ. So far we are in the upper channel, you can see the double lines at 60 where last resistance became support.
That would be the first line to watch, 1300 psychological support next, then 1260 if that one fails.
If we repeat the Intraday Euro move then all those higher levels will only act as consolidation platforms before the next breakdown.
QQQ has all the way down to 60 as a prior resistance for support and that one might be the more critical level.
SPY is already below last July's levels so 1300 would be the next logical support area. If we consolidate and sell again then QQQ 60 would be my Watch area. Not sure where SPY might be when that happens though.
Here is one of RCKS charts for QQQ. So far we are in the upper channel, you can see the double lines at 60 where last resistance became support.
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
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