Replies to post #209 on Support & Resistance Report

[Mr Nasdaq]

QQQQ - Tuesday's 5-Minute Chart ...

The QQQQ continued its 'bear trap' rally on Tuesday by printing a new recent high of $43.09.

Tuesday's 5-Minute Chart (below) shows the QQQQ slicing through Gathering Resistance in early trade. Slicing through Gathering Resistance without at least pausing to say, 'Howdy do?' is a no-no. Therefore, the QQQQ found itself pulling back in the afternoon in order to pay its proper respects.

On Wednesday, a continuation of the 'bear trap' rally would find the QQQQ testing Resistance at its 2006 High ($43.23).

Note: Each day's area of Gathering Resistance and Gathering Support is calculated the night before.