Thu Nov 1st 2007
Q's Right Support
By Mike Paulenoff, www.MPTrader.com
Isn't it amazing that the Q's (NASDAQ: QQQQ) can decline right to a near-term support line, currently 54.25 or so, and hold right there? And this is happening while the other indices are breaking down! In any case, let's keep an eye on the Q's during the final two hours of trading to see if they can avert breaking important near-term support at 54.25 and possibly 54.05/00, which will (finally) inflict some damage to the near-term technical picture. If so, then the next target is 53.85.
