Approaching Potential Q Support
Posted on Thursday, September 4th, 2008 | In Technical Analysis VideosContributed by: Brian Shannon (http://alphatrends.blogspot.com) -
THe Nasdaq 100 (QQQQ) is trading just above the lower ascending trendline on the daily timeframe near 44.25. This level is also prior support from late July/ late August and the approximate level of daily S2 (see 10 minute chart inset). There is no sign that buyers are taking control yet, but this is a likely area where there is potential for buyers to show up. Tighten stops on shorts.
Last 5 posts by Brian Shannon
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 About Brian Shannon (http://alphatrends.blogspot.com)
Brian Shannon is a full time trader who shares his market experiences on the highly popular alphatrends.blogspot.com site. Alpha trends has been called "the youtube of technical analysis" by Technical Analysis of Stocks & Commodities Magazine (March 2007) and has been praised in Barron's (October 23, 2006) and Active Trader Magazine (July 2007). Brian trades an account at www.worldcupadvisor.com since March 2006 and in that time has more than tripled the results of the S&P 500. He can be reached at alphatrends@gmail.com |
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