The Q’s Saucer continued but did not fulfill the upward momentum that this pattern usually conveys. Trading was mainly lateral with a lower close. We saw less volume today also. It looks like we have a consolidation between 48.3 and 49 in the past 2 days. Let’s see if the consolidation breaks tomorrow.
Pivot Points and Price Targets (Supports and Resistance) for Tuesday, 05/06/08, for QQQQ to look out for:
- Pivot Point = 48.69
- Support Level 1 = 48.35. Support Level 2 = 48.06
- Resistance Level 1 = 48.98. Resistance Level 2 = 49.32
Be safe out there!!!