NASDAQ: Be On Alert
It was a quiet day in the market today. In fact the NASDAQ had it's smallest range in the last 23 days and formed an inside day. Most people after seeing today's action will fall asleep at the wheel because things were so quiet but I'm on alert for a trending move on Monday. Usually but not always after such a range contraction a market has the tendency to breakout with a large range day so be prepared for such a move on Monday.
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6 comments:
I am thinking a down move. Do you Concur?
I'm looking for a downmove but we'll see what happens.
"breakout" means any direction? So we have no idea what it will be, we only know that it will be?
Breakout can be in any direction. Not only don't we know the direction but it may not even happen at all. All I'm saying is that we could have a large range day on Monday.
I'm using around 44.10 on the QQQQ as a trendline resistance. Notice the area I call noise was climbing on lower volume and declined on heavier volume.
http://stockcharts.com/h-sc/ui?s=QQQQ&p=D&yr=0&mn=6&dy=0&id=p87809896995&a=71796910
Ooops, I meant 44.40 as potential resistance not 44.10.
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