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10/26/2003 Archived Entry: "QQQ support in up-channel."
Click to see QQQ chart. The attached image shows the QQQ weekly chart on the left and the daily on the right. These longer-time-frame charts are valuable for intra-day traders too.. Look at Friday's bounce near the low for example. It reversed right at that weekly number! Look at the up-channel I have marked in red on the weekly chart. This channel shows that the recent pullback is not a disaster, it is well within normal range. The channel is intact. The daily chart on the right shows several very important support levels. They are $33.60, $32.20/$32.60, $31.80 and there will be others lower down. On Friday the Q's bounced right near the SK support level $33.60 and rallied back to $34.20 . The $32.20/$32.60 level is still well within reach if the bears come back early next week. Even after a little bounce QQQ could get down there without too much trouble and without causing much panic. Panic begins below there! Look at the up-channel on the weekly chart again. If QQQ drops below $32.50 it will be challenging that channel and will begin to look bearish. If the $31.80 support level doesn't hold, then this chart will become very bearish with much wailing and teeth-gnashing.. Intra-day traders should watch these levels for the market to tip it's hand. If the lower bound of the channel holds QQQ could give us another swing up to make the bulls happy again. There are long term resistance areas in the $37 to $40 area that could cause a problem in the future if the market gets up there.
Replies: 2 Replies
Cannot open chart? 10/26/2003 Entry: "QQQ support in up-channel
Posted by Sarel at 10/27/2003 06:23 AM PST
Chart opens fine for me, just click it.. Try again? Anyone else have trouble with it? Or it works?
Posted by FibMaster at 10/27/2003 07:08 AM PST
Next page, continue.
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