QQQQ Forecast For Monday 4/28.

As I mentioned to IC on Thursday, he could start selling QQQQ and taking profits at 47.52, evidently that's what the market decided to do as well... Now on the surface, let's just say Friday was pretty much a non-event. Lighter volume day inside Thursday. I've highlighted some volume and price activity from January in this range, so you can get a good comparison of how weak this up move is... nevertheless, the nature of a countertrend is to seek it's own level... i.e. find the seller's bottom line. Now for Monday, there's still the support at 46.35 that can be tested per my earlier posts... the volume target resistance for this move is now set at 47.96. Now for me if we test this on lighter volume it's a short seller's wet dream... Now looking at our fibonaccis... the .382 of the move down has been exceeded at 46.75, but notice that is all coming on lighter volume too. the .50 of this move is all the way up at 47.94. So as I said earlier, if Superman arrives on Monday with the answer to all our ills, you can take some off the table there. If volume comes in to the downside, your stop is 46.34. I doubt it will so you are in good shape for Monday if you are long... As you can see, there IS agreement at 47.94 -.96 on resistance, something to consider...

Edited by SemiBizz, 26 April 2008 - 10:46 PM.