The QQQQ traded above the Pivot Point for most of the day today.  We saw a downward gap that was eventually faded within the hour to be met by a double top to see prices fluctuate down and then up.

Let’s take a closer look:

qqqq_5min_080227.png

  • Price Gapped down at the open of the session to be faded within the hour.
  • After the gap fade, we see price consolidate laterally for a bit to break out upwards.
  • Immediately after the break, we see a double top form.
  • Price fell past the Pivot point to bounce back upwards.
  • We end the day with a Bear Flag but with price above the previous close.

Pivot Points and Price Targets (Supports and Resistance) for Thursday, 02/287/08, for QQQQ to look out for:

  • Pivot Point = 44.14
  • Support 1 = 43.82.  Support 2 = 43.35
  • Resistance 1 = 44.61.  Resistance 2 = 44.61

Here’s a quick look at the Daily chart for the QQQQ:

qqqq_daily_080227.png

As we look at the daily charts for the QQQQ, we see that price is still consolidating in a triangular way and it is getting closer to a breakout.  It will be interesting to see where price will go from here.

Let’s keep an eye on the Pivot Points tomorrow for the daily action and let’s look at the key level of about 44.5 for a breakout upwards and 43.5 for a breakout downwards.

Until tomorrow, becareful out there and trade safely!