The first chart is the daily timeframe for the QQQQs where we can clearly see how the pivot points came into play today. The blue line held on a closing basis and the next PP support level is the red line. If we can't hold the red line on a closing basis tomorrow, we will retrace back down to $43.00. Notice how selling volume picked up today. The lines are clearer on the QQQQ than the NASDAQ chart. Notice how the bearish gap resistance forms a much cleaner line here.
Economic Calendar: Initial Claims, Chain Deflator - Final and GDP-Final at 8:30; Help wanted index at 10:00.
The first chart is the daily timeframe for the QQQQs where we can clearly see how the pivot points came into play today. The blue line held on a closing basis and the next PP support level is the red line. If we can't hold the red line on a closing basis tomorrow, we will retrace back down to $43.00. Notice how selling volume picked up today. The lines are clearer on the QQQQ than the NASDAQ chart. Notice how the bearish gap resistance forms a much cleaner line here.
Economic Calendar: Initial Claims, Chain Deflator - Final and GDP-Final at 8:30; Help wanted index at 10:00.
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