Actually finished up on the day. Started out pure chop, consolidation, then a major headfake down that appeared to break support, but forms a nice double bottom near the POC (which was 1986.75 and LOD was 1985.50) and if you want confluence, there was also an anchor uptrendline touch at that point! NQ proceeds to trend higher from there, low to high ranging 23 points, eeking out a new high for the ove and closing up 8 ish. 1985.50 area could also be viewed as a TEST2 of 1984 former resistance now support.
Tuesday, May 13, 2008
Consolidation Tuesday
Actually finished up on the day. Started out pure chop, consolidation, then a major headfake down that appeared to break support, but forms a nice double bottom near the POC (which was 1986.75 and LOD was 1985.50) and if you want confluence, there was also an anchor uptrendline touch at that point! NQ proceeds to trend higher from there, low to high ranging 23 points, eeking out a new high for the ove and closing up 8 ish. 1985.50 area could also be viewed as a TEST2 of 1984 former resistance now support.
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