Don't Ignore This Chart!

QQQQ Turns Indecisive at Support

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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.

091104qqqq2
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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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