QQQQ - Wednesday's Short Alert...
The QQQQ rose to Wednesday's two-member area of Gathering Resistance (Sell Signal) between $41.77 and $41.81 when it printed a high of $41.83. Resistance was found. The QQQQ pulled back to a subsequent low of $41.17.
Wednesday's 5-Minute Chart shows a 'picture perfect' trade for those who ventured a short sale at Gathering Resistance.
By 'picture perfect', I mean that a short sale ventured at Gathering Resistance gave traders little to no discomfort. That's often how it is with a short ventured at Gathering Resistance or a purchase ventured at Gathering Support.
On Thursday, an 'overbought' QQQQ continues to demonstrate resilience. Support at $41.31 (highlighted on the 5-Minute Chart) is still in effect. It was artificially (and only temporarily) violated on Wednesday due to the NYC Helicopter crash.
A true violation of Support at that line, however, may be the first sign that a pull back to at least the '20-Day Moving Average' has begun.
2:00pm will bring an economic event that is often a market-mover - the 'US - Beige Book'.
Further upside in the QQQQ will meet with an area of Gathering Resistance between $42.17 and $42.23.
The QQQQ rose to Wednesday's two-member area of Gathering Resistance (Sell Signal) between $41.77 and $41.81 when it printed a high of $41.83. Resistance was found. The QQQQ pulled back to a subsequent low of $41.17.
Wednesday's 5-Minute Chart shows a 'picture perfect' trade for those who ventured a short sale at Gathering Resistance.
By 'picture perfect', I mean that a short sale ventured at Gathering Resistance gave traders little to no discomfort. That's often how it is with a short ventured at Gathering Resistance or a purchase ventured at Gathering Support.
On Thursday, an 'overbought' QQQQ continues to demonstrate resilience. Support at $41.31 (highlighted on the 5-Minute Chart) is still in effect. It was artificially (and only temporarily) violated on Wednesday due to the NYC Helicopter crash.
A true violation of Support at that line, however, may be the first sign that a pull back to at least the '20-Day Moving Average' has begun.
2:00pm will bring an economic event that is often a market-mover - the 'US - Beige Book'.
Further upside in the QQQQ will meet with an area of Gathering Resistance between $42.17 and $42.23.