Friday, February 08, 2008

Price up, volume down

The Qs picked up a little today, closing close to the highs of the day. Overhead resistance at 43.77 is clearly defined by looking at yesterday and today's chart. The fact that the Qs couldn't get traction to R1 to break through yesterday's high (43.79) is bearish, although we've got to credit the typical Friday fade for some of the reluctance. Also of interest is the fact the Qs did not violate the PP pivot support. The daily Q technicals look fairly encouraging for the short term, but I still favor fading the gap ups as my preferred strategery.
Tomorrow I'll look at longer term scenarios in the the weekly Qs update. Until then:

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