The Fluid Trader

The Q’s continue to creep upwards.  We saw a bear flag with the start of trading today to see prices dip a little.  That ended at 10:30 where we saw price stair stepping its way upwards for the remainder of the day.  There were plenty of buy signals throughout the whole day and it would have been a great opportunity for the Bulls to cash in!

Pivot Points and Price Targets (Supports and Resistance) for Wednesday, 04/30/08, for QQQQ to look out for:

• Pivot Point = 47.47
• Support Level 1 = 47.18.  Support Level 2 = 46.77
• Resistance Level 1 = 47.88.  Resistance Level 2 = 48.17

Let’s see if the Q’s can continue this upward trend!

The Q’s had a steady uptrend during most of the day.  It started to reverse around 2PM today and showed us weakness for the rest of the day.

Pivot Points and Price Targets (Supports and Resistance) for Tuesday, 04/29/08, for QQQQ to look out for:

• Pivot Point = 47.33
• Support 1 = 47.04.  Support 2 = 46.84
• Resistance 1 = 47.53.  Resistance 2 = 47.82

Let’s see where the market leads us tomorrow!

Quick review on Apple.  The earnings report came out and the stock did well until they projected numbers for the next quarter.  Apple seems to be very conservative in these numbers to better manage their stock price and so they can blast the numbers out of the water when they do report.

Today’s trading comes to us with an up day and we continue to watch for the targeted price of around 181.  Its getting there!

The Q’s traded between the pivot point and Resistance level 1 for the day.  We were met with an upside gap in the morning with price moving upwards to find itself back to the levels saw at the beginning of the session today.  We ended the day with a lateral channel from noon on.  According to the 200 SMA, we had a relatively flat day and the pivot point analysis does point to a bullish day. 

Pivot Points and Price Targets (Supports and Resistance) for Thursday, 04/24/08, for QQQQ to look out for:

• Pivot Point = 46.73
• Support 1 = 46.40.  Support 2 = 45.94
• Resistance 1 = 47.19.  Resistance 2 = 47.52

 Its earnings season right now so becareful!

Apple did have an exciting day yesterday with a nice up day and it was met today with an equal down day today.  I still believe that AAPL will continue its ascent.  I will give it 17 more trading days (+/- 5) to see where it goes.  Let’s continue to watch!

The Q’s opened with a Gap Down today that led to a steady pace downward.  The ETF consolidated from 12:00 PM until the close of the session between 45.9 and 46.4. 

Pivot Points and Price Targets (Supports and Resistance) for Wednesday, 04/22/08, for QQQQ to look out for:

• Pivot Point = 46.35
• Support 1 = 45.93.  Support 2 = 45.51
• Resistance 1 = 46.77.  Resistance 2 = 47.19

Let’s see what price will look like tomorrow!

We saw another triple digit day on the Dow with a 228 point gain, a 61 point gain in the Nasdaq, and a 24 point gain on the S&P 500.  The catalyst was earning reports of major companies like Citi Group and Google.  Citi Group’s report wasn’t a surprise and we found that Google blew the analysts out of the water.  Google drove the tech heavy Nasdaq today with a big gap up that wasn’t quite expected!

Its interesting to see what else will happen in this time of earnings season.

Today we saw the market gap up to sustain their gains throughout the day.  We saw the DIA sustain a lateral trading range for most of the day and the broke through around 1:15PM today.  There were better than expected earnings reports that from Intel, JP Morgan Chase, and Coca-Cola which spurred on the rally.  It should be rather interesting to see what will happen in the markets during this earning season. 

Let’s see what the markets have in store for us for the rest of the week!

Question: Should I continue with posting pivot point analysis on the blog?

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:

• 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:

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!

Today was surely a day where the bulls came out to play. 

DIA:

We had a strong upward momentum today in price where we could have run with the bulls for most of the day and would have made a nice trade.

• The DIA traded flat for the first hour & half where it had a lateral consolidation.
• Price brokeout upwards.  It was a nice ride for anyone who went long with the bollinger band squeeze and breakout trade.
• Price formed a bear flag between 2PM-3PM.
• Price dipped a little to close higher for the day.

SPY:

SPY had a similar looking chart to DIA.  It was a nice run up by the bulls today which allowed for us to have a nice trade.

• Price traded in a lateral fashion with a lateral consolidation.
• Price broke out upwards at around 10:50AM.
• A Bear flag formed between 2PM-3PM.
• Price slipped at the end of day to close higher.

QQQQ:

The Q’s had a gap to open the session which was filled when price confirmed and uptrend.  Price continued trading upwards until the last hour of trade.

• Open with a gap down.
• The gap was filled and Uptrend was confirmed.
• Price continued driving upwards and formed a bear flag from 2PM-3PM.
• Price dropped but closed positive for the day.

Pivot Points and Price Targets (Supports and Resistance) for Wednesday, 02/27/08, for QQQQ to look out for:

• Pivot Point = 43.97
• Support 1 = 43.46.  Support 2 = 42.86
• Resistance 1 = 44.57.  Resistance 2 = 45.08

It was apparent that the bulls won the session today.  We did have a little bit of weakness at the end but the majority of the day did work out some great trades.  We did break out of the triangular consolidation (upward breakout) in the Dow and S&P 500 in the daily charts as my previous post indicates.  Lets see what happens tomorrow to see if this upward momentum continues.

Until then, be safe and happy trading.