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Friday, June 4, 2010

Daily QQQQ chart

Negative news from Hungary and less than expected job gains have pushed US markets lower to start the morning. The tug of war between fears of European economic troubles and China slowdown mixed with hopes of continued economic recovery in the U.S. plays out. Here is how QQQQ daily Chart looks. Technology stocks have been very strong relative to the beating commodity and oil services stocks have been taking. It is a matter of time before we break up or down from this current trading range...

For today, 46.16 level is significant because it is where MA support/resistance lies on the weekly chart for QQQQ. 108.4 -109.0 level is significant in SPY because it would give a signal of how weak the overall market is likely to be going forward...

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