Don't Ignore This Chart!

Gap Continues to Mark Resistance for QQQQ

 | 

For the second time in two weeks, the Nasdaq 100 ETF (QQQQ) surged and met resistance from the 22-Feb gap. While failure at the gap is negative, the overall trend remains up as QQQQ battles the lower trendline of a rising price channel. Also note that Thursday's gap up is coming into play. A move below this gap zone and this week's low would be quite negative.

110304qqqq
Click this image for a live chart

Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at TrendInvestorPro.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
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus