Looking at NQ (NDX e-mini futures) pivots, weekly R1 lines up with the 10 day ema at 1640, which in turns corresponds to QQQQ 40.16. That is also the January low for QQQQ. Obviously, the level for bulls to reconquer and the level for bears to attack. To add a little twist, January low for NQ is higher than 10 day ema 1665, which is also a gap close from 5/12. That number for QQQQ is 40.74. A rally could take us to either one of these levels. But this is all dependant on QQQQ getting back above 39.88, Tuesday's gap close. No one ever said it was easy.
This entry was posted
on Sunday, May 21, 2006 at 7:20 AM.
