November 6, 2011

  • QQQ Weekly chart is shown with the resistance area.
  • An up move from the current levels may find it difficult to sustain at higher levels.
  • A bigger correction may happen only if 200 SMA gets broken.
  • Price closing the week above the resistance line may confirm a weekly breakout which looks unlikely.
  • So price is in between weekly resistance level and 200 SMA. Range is likely to get resolved in favor of bears.
  • Up move of CISCO is taking a pause at the weekly resistance line.
  • Price is showing Negative divergence with MACD indicator in daily chart.
  • Price is staying above 20 SMA and 200 SMA which is giving some hope for bulls. But weekly resistance line is looking good for bears.


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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore