The Powershares QQQ Trust (QQQQ) is almost at the 1:1 descending Gann Angle near $49 which should serve as resistance. If price does break through this angle then it should serve as support.
Chart courtesy of Stockcharts.com
On the interday 5 minute chart yesterday there was one big buying spike over 6M shares near 11AM. Someone is still leaving elephant tracks on these up the stairs. There are footprints on the SPY also but today with a smaller elephant…
Post Modified: July 3rd, 2008 at 12:36 am
Tags: Gann Angle Fan · QQQQ · Standard and Poor's 500 (S&P500) · Volume4 Comments
4 responses so far ↓
resistance, you called it…
sp500 put call ratio is at 1.6, and has been around there for at least a week or more…maybe too many people are expecting a rally now? …
this Friday is not only an options expiration day, but also quadruple witching…we thought OE are bad, but quad witching are even worse… shake out as many holders as possible…anyone want to bet that we go up Friday a lot, and kill the put holders….
Carterworth was on TV yesterday. I regard him as a brilliant chartist.. He had a good clip on why financials will go down from here. And without financials we can’t rally.
I am not making any bets. This market is not for me.. Too difficult. Don’ t want to get sucked in value traps.
[...] QQQQ did bounce off the 1:1 descending angle as discussed yesterday. This wasn’t a “sure thing” call. If price did slash through that line and [...]