Monday, January 25, 2010
Market Mondays, Continued
Let's continue with a look at the QQQQs
A.) Prices found resistance in the 46.50 area. They found support in the 45.50/45.60 area. They advanced to the 46.50 level three times only to fall back (C).
D.) Prices could not make it to the 45.50 area on their fourth try, and began a series of lower highs and lower lows for the remainder of the week. Note the higher volume on the sell-offs.
Note that prices have moved through three areas of technical support over the last three days.
A.) Prices moved through the 10, 20 and 50 day EMA as well.
A.) The MACD sent a sell signal before the sell-off and
B.) We saw outflows from the market as well.