NQ holding above trendline support from March once again. It has also coincided with the 50 dma. How many times can we hit this level and bounce? My guess is none. This is it. We rally from this level or we are bound for a test of QQQQ 50 dma and possibly lower. For now, we take the ride, but as always, watch your back. The big resistance is 1723, followed by 1728. Support is 1708.50. A break of that will immediately get us a test of 1703.25, monthly pivot. The SOX closed back above its 50 dma, so for now, don't fight it.
This entry was posted
on Tuesday, April 25, 2006 at 6:45 PM.
