Market Wrap
Bulls pushed ES and YM above weekly R2's. NQ (NDX e-mini futures) a consistent lagger, thus we will focus on the chart of QQQQ. As you can see, we closed above 50 dma and found resistance at 50% 2006 (41.74). That is the level to watch going forward, but judging from option open interest, it should serve as hefty resistance. Nothing is set in stone, of course, but you have to trade the odds and for this week they say we topped out. Things could be different next week of course. As usual, don't put a bias on this, as call resistance is much harder to define than put support during opex. So be careful if short and don't hesitate to flip it. NQ support is 1711 and use this as your guideline.
This entry was posted
on Wednesday, March 15, 2006 at 6:50 PM.
