QQQQ could not muster a close above the 20 day moving average, but nevertheless found enough strength to hold off a bear attack on 39.35 key support and to close above 61.8% Oct/Jan rally (39.62). If bulls can get some sustained action above 39.94, next resistance is 40.16 (January low) followed by a very likely test of 200 day moving average at 40.60. June Put to Call ratio indicates call resistance at 41, so I would exit longs between 40.50 and 41 and take a wait and see attitude.
Futures traders want to see NQ hold 1609.75 support. Weekly R1 is 1645.75 and that would be close enough to NDX 200 day moving average.
This entry was posted
on Sunday, June 04, 2006 at 9:27 AM.
