QQQQ Turns Indecisive at Support

After a sharp decline the prior two weeks, the Nasdaq 100 ETF (QQQQ) turned indecisive with a spinning top on Monday. This candlestick reflects a wide high-low range during the day, but little change from open to close. QQQQ surged above 41.5 in early trading, plunged below 40.8 in the early afternoon and then rebounded to close at 41.13. The day was a wash and the battle for support hangs in the balance.

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Comments

[Cesar De Los Reyes]

The Q's may bounce up first probably forming another shoulder and then fall back passing previous major support into January 2010.