On this low volume trading day, after nearly back to back WR7 sessions, it's imperative to keep a very close eye on QQQQ at 56.55, which is the 61.8% Fibonacci between the 2002 low and the 2000 high.
Yesterday QQQQ closed at 56.56, one penny above that. Very interesting, isn't it?
All session long it's been struggling to stay above 56.55. It would appear that's where line will be drawn and major decision will be made even on this low volume trading day.
Good trading!
Major Decision Will Be Made Right Here
Started by
TechMan
, Feb 24 2011 11:46 AM
10 replies to this topic
#2
eminimee
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I don't care who's fur is flying...
Posted 24 February 2011 - 11:59 AM
It's actually the 38.2 retrace.....the 61.8 retrace would be around 80 bucks. But your point is taken.
#3
TechMan
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Posted 24 February 2011 - 12:26 PM
It's actually the 38.2 retrace.....the 61.8 retrace would be around 80 bucks. But your point is taken.
Oops. That's right. Thanks for the correction.
Looking for surge in volume to indicate whether the major decision has been made. And just saw your comment posted below, SemiBizz. Agreed, and adding to your point, QQQQ at 56.55 is equivalence of the NDX at approx. 2300.
Edited by TechMan, 24 February 2011 - 12:32 PM.
#4
SemiBizz
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Volume Dynamics Specialist
Posted 24 February 2011 - 12:28 PM
Regarding all things Nasdaq and including NDX's and Q-whatevers...
The game is
NASDAQ 2700.08 FEBRUARY MONTHLY GAP FILL.
If it can fill that...
AND HOLD IT (Close Under)
GAME OVER... (high probability)
Edited by SemiBizz, 24 February 2011 - 12:30 PM.
Price and Volume Forensics Specialist
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
#5
eminimee
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- TT Member
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I don't care who's fur is flying...
Posted 24 February 2011 - 12:54 PM
Adding here...moving the stop there...Good trading...trade wisely and accordingly.
#6
Islander
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Posted 24 February 2011 - 12:54 PM
spx going for 50 dma & gap at 1287. That is the next resistence. Below we have 50% prob of a major correction to 1200 area.
Islander
#7
TechMan
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Posted 24 February 2011 - 01:01 PM
Looking for surge in volume to indicate whether the major decision has been made. And just saw your comment posted below, SemiBizz. Agreed, and adding to your point, QQQQ at 56.55 is equivalence of the NDX at approx. 2300.
I should've added.... Agreed but QQQQ is the trading vehicle.
In any case, there's no trading volume, which indicates the likelihood of the general wait-and-see sentiment.
#8
spielchekr
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Posted 24 February 2011 - 01:03 PM
I'm getting optimistic already.
#9
SemiBizz
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Volume Dynamics Specialist
Posted 24 February 2011 - 01:21 PM
I'm getting optimistic already.
I guess they don't make "half"s the way the used to... looks like 1/3 at best...
BTW, that fluid look awfully yellow too
Price and Volume Forensics Specialist
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
#10
TechMan
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- Traders-Talk User
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Member
Posted 24 February 2011 - 01:30 PM
spx going for 50 dma & gap at 1287. That is the next resistence. Below we have 50% prob of a major correction to 1200 area.
Islander
Yep, according to the re-run of the end of November episode.
Incidentally, it looks like the volume's climbing while under 56.55....
