Here is the chart of QQQQ. As you can see, we made a new high but with a bearish divergence, although we did do a surpise break out of the wedge. The Q's look headed for confluence 61.8% 2006 and 38.2% projection August at 40.35, but again, with all those calls out there, it should be a short lived move if it does occur. Right now, looks like an overnight pump job on NQ futures, they will try and run some stops. The media is focused on COMP 200 dma, but again, the SOX needs to join the party.
This entry was posted
on Wednesday, September 13, 2006 at 3:45 PM.
