The Q’s had a Gapdown that was filled in early morning trading. We then saw a triangular consolidation forming to the end of the day to see price close lower. The triangleseems to be getting tighter and we should see a break on Monday or even a gap.
Pivot Points and Price Targets (Supports and Resistance) for Monday, 05/12/08, for QQQQ to look out for:
- Pivot Point = 48.19
- Support Level 1 = 47.92. Support Level 2 = 47.63
- Resistance Level 1 = 48.48. Resistance Level 2 = 48.75
Have a wonderful weekend!