QQQQ - Tuesday's 5-Minute Chart...
The QQQQ rose in early trade to Tuesday's 8-member area of Gathering Resistance between $43.98 and $44.07. After printing a high of $44.00, Resistance was found and the QQQQ pulled back 30 cents to a subsequent low of $43.70.
Tuesday's 5-Minute Chart (below) shows that the QQQQ rose to its pivotal line ($44.00 on the nose) but could rise no farther.
On Wednesday, the QQQQ remains below the pivotal $44.00 line where the bears have the edge.
Also on Wednesday, Federal Reserve Chairman Ben Bernanke begins a two-day presentation of his economic outlook to the Senate Banking Committee. The QQQQ will be listening intently and moving up and down on his every word.
The QQQQ rose in early trade to Tuesday's 8-member area of Gathering Resistance between $43.98 and $44.07. After printing a high of $44.00, Resistance was found and the QQQQ pulled back 30 cents to a subsequent low of $43.70.
Tuesday's 5-Minute Chart (below) shows that the QQQQ rose to its pivotal line ($44.00 on the nose) but could rise no farther.
On Wednesday, the QQQQ remains below the pivotal $44.00 line where the bears have the edge.
Also on Wednesday, Federal Reserve Chairman Ben Bernanke begins a two-day presentation of his economic outlook to the Senate Banking Committee. The QQQQ will be listening intently and moving up and down on his every word.