That's right, early in the day called a failed M bottom and NQ trended higher all day. So Monday was a trend up - Tuesday was mostly consolidation but higher by the end of the day - Wednesday was a big up morning but gave it all back quickly in the afternoon which created a lot of negativity, but Thursday started with that M bottom which failed, then it came back to test the breakout area, then slowly moved higher the rest of the day, took out yesterday's high and closed near the highs. Also printed 50 in QQQQ.
Thursday, May 15, 2008
Failed M bottom leads to higher highs
That's right, early in the day called a failed M bottom and NQ trended higher all day. So Monday was a trend up - Tuesday was mostly consolidation but higher by the end of the day - Wednesday was a big up morning but gave it all back quickly in the afternoon which created a lot of negativity, but Thursday started with that M bottom which failed, then it came back to test the breakout area, then slowly moved higher the rest of the day, took out yesterday's high and closed near the highs. Also printed 50 in QQQQ.
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