Hello Everyone!
Today was a good day in the market. The Q’s did pretty well and had a pretty good trend day up. We saw a little selloff at the beginning of the session but then saw the uptrend start at about 12:15PM. According to the 6 month chart, we have seen higher highs and higher lows meaning that the Q’s are actually in an up trend. Price is above the 20 & 50 EMAs and is currently using the 200 SMA as its support. The 20 & 50 EMAs are moving upwards and the 200 SMA is flattening out.
Pivot Points and Price Targets (Supports and Resistance) for Wednesday, 05/07/08, for QQQQ to look out for:
- Pivot Point = 48.73
- Support Level 1 = 48.33. Support Level 2 = 47.74
- Resistance Level 1 = 49.32. Resistance Level 2 = 49.72
It does look like we are heading in an upward momentum both in the short and long term!