Watch QQQQ 44.50 resistance. Support was at trend line off Nov 20 lows. For NQ (NDX futures) that was even more precise at 1809.50, which is also 50% 11/15 low and 11/22 high.
We have had numerous incidents these past few years of Fed money coming in and supporting the markets at key times, so beware of that looming possibility. Nevertheless, with oil approaching 60 and massively overbought conditions, I think any bounce will be met with some profit taking. NQ hits 1818.50, 61.8% gap as I type. Gap close is 1824.25. With this low volume, anything can happen.
We have had numerous incidents these past few years of Fed money coming in and supporting the markets at key times, so beware of that looming possibility. Nevertheless, with oil approaching 60 and massively overbought conditions, I think any bounce will be met with some profit taking. NQ hits 1818.50, 61.8% gap as I type. Gap close is 1824.25. With this low volume, anything can happen.
This entry was posted
on Friday, November 24, 2006 at 11/24/2006 09:54:00 AM.
You can skip to the end and leave a response.
» Post a Comment