QQQQ daily chart. Note the three large gaps below, but especially the closest one at 41.24, which would also mean a pullback to 20 dma (41.17). Assuming 42.13 is the high so far, 23.6% retrace would be 41. Lots of support between 40.78 and 41.25. Anywhere in there would make a solid long entry should we get the chance. Weekly S1 is 41.49 and S2 is 40.87. If the pullback is shallow and we don't close the gap, 41.50 should provide support. Just mark those gaps on your charts for the future: they will get filled at some point.
This entry was posted
on Monday, December 05, 2005 at 7:58 PM.
