ES and NQ have pretty sizeable gaps below should 5 day moving average support break. For ES it is 1241.25/1245.25 and for NQ 1545.50/1556.75. Absolute last line of defense, or we will see new yearly lows. As profiled earlier, a breakdown would start with the loss of 61.8% at 1560 for NQ. 1548.50 is 76.4% and right in the middle of that gap, so it could be a target should we lose 1560. QQQQ has solid put support at 38, but these days, that has not counted for much as volatility sellers up prices expecting the worse.
This entry was posted
on Monday, June 19, 2006 at 8:33 PM.
