Closing hour:
NDX and QQQQ both hit their 50 dma's on a late day push (1957.50 and 48.14). It was a solid day for the bulls, riding on some dubious housing data, but they will take it. Traders decided to get a head start on the Labor day rally and not worry about Friday. There is also some hope for merger news on Monday morning. We are getting overextended on the daily, so this could be premature fanfare.
Bulls want NDX to close above 1957.50. Keep in mind that NQ has its 50 dma at 1973 and 61.8% at 1977.
Volume for QQQQ was pathetic today, the lowest of the week.
NDX and QQQQ both hit their 50 dma's on a late day push (1957.50 and 48.14). It was a solid day for the bulls, riding on some dubious housing data, but they will take it. Traders decided to get a head start on the Labor day rally and not worry about Friday. There is also some hope for merger news on Monday morning. We are getting overextended on the daily, so this could be premature fanfare.
Bulls want NDX to close above 1957.50. Keep in mind that NQ has its 50 dma at 1973 and 61.8% at 1977.
Volume for QQQQ was pathetic today, the lowest of the week.
This entry was posted
on Friday, August 24, 2007 at 8/24/2007 03:07:00 PM.
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