The Q's did make a new recent closing high, but there's a much juicier level close by that would attract a lot more buyers, the other averages aren't as close to this area. Remember the post last night and why there's a need for false breakouts.
Wednesday, May 11, 2011
Why The Q's are Off on Their Own
This morning the QQQ is up while the SPY, DI and IWM are down. Here's a possible reason.
The DIA did make a new breakout closing high as well as an intraday closing high.
The IWM made a clear breakout close
The Q's did make a new recent closing high, but there's a much juicier level close by that would attract a lot more buyers, the other averages aren't as close to this area. Remember the post last night and why there's a need for false breakouts.
The SPY made a new recent closing high, but again is far from making a new high. It's not so much the high or the breakout location as it is about finding a zone that creates buying interest for the reasons I mentioned last night.
The Q's did make a new recent closing high, but there's a much juicier level close by that would attract a lot more buyers, the other averages aren't as close to this area. Remember the post last night and why there's a need for false breakouts.
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