6 replies to this topic

[SemiBizz]

http://bigcharts.mar...&mocktick=1.gif



Expect a consolidation off a test of 2611 or 2619. We could have one of those gap up openings tomorrow. Hope springs eternal. Today was an inside day on higher volume building cause. In other words, they held prices up for as long as they could, as high as they could. At points there was strong selling pressure, but not as strong as that (GMTFO) huge selling pressure in the last 20 minutes yesterday... I read a lot of weakness there... especially since we were not able to get back up to those prices on higher volume today. I don't have a chart that shows the volume but the last 20 minutes of yesterday was huge... 100M on final 3 minute candle.
First Support/target 2582

Edited by SemiBizz, 05 September 2007 - 05:45 PM.

[SemiBizz]

There's 2619... we should get a retest of the high based on the volume on that opening 3 min candle... the bar is set pretty high though, so I will be looking for a short entry there...

Edited by SemiBizz, 06 September 2007 - 08:43 AM.

[SemiBizz]

Nasdaq and QQQQ's Break yesterday's low on VOLUME... 2582 / 48.50 next support.

[paulstan]

Hats off to you man -- you absolutely nailed it!

[SemiBizz]

QQQQ BREAKS ON 50% MORE VOLUME Any consolidation now has to pass a 2611 test... that could be a tall order.

[SemiBizz]

http://bigcharts.mar...&mocktick=1.gif



There is a bullish case here... the parameters are pretty well set up though for a failure even if they can retest the high that they are entitled to today and the huge volume spikes I described earlier from Tuesday's close. If there's no test of those areas, that is another big bearish sign short term... Overall volume is still relatively light, which still leaves the door open to further price manipulation. However notably the QQQQ broke the low from yesterday on 50% MORE volume this morning... So, I'm just holding my core QID here, and waiting to be satisfied the consolidation is over before making any additional bets. Presently the 3 min qqqq and Nasdaq 3 min charts had a nice Federal 'paint-by-the-numbers' job applied to them about 10:20 this morning... if you go back to Tuesday, that's exactly what they did on the open there...

[SemiBizz]

Today's high tested as expected, coming on light volume and then volume off the top... added a few more QIDs.

Edited by SemiBizz, 06 September 2007 - 11:26 AM.