If the QQQQ can break through the 50% retrace line then I think it will go to the 1:1 descending slope around 50. The market is pausing and waiting for the Fed and the GDP numbers. I don’t know much about either but the market looks to be anticipating something positive by being at the highest level since January.
Chart courtesy of Stockcharts.com
The SPX has paused at the end of the range square off the March bottom and could go either way from here. But my guess is that it will go up. Price made it to 1402 which is 360 degrees off the bottom. Ninety degrees up is 1440.
Post Modified: July 3rd, 2008 at 12:23 am
Tags: Price Retrace · QQQQ · Square of 9 · Square of Range1 Comment
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[...] The QQQQ bounced off the 50% line at 48 as discussed last night. [...]