The market shows some strength on Monday. The cubes had started out above my resistance of 43, so 43 became the level I looked for support. The market did find support there, and rallied higher , closing at 43.27.

I think we will still see support around the 43 level, and my resistance level has moved up to 43.45 A pretty narrow spread, so look for a breakout on Tuesday. If support is broken at 43 on the downside, we should see more support around 42.75.

In the short term, the QQQQ’s are looking overbought. I still list 44 as a significant level on the upside.

I sold my options near the open. It may have looked like if I had hung on I would have made more. I do think “The first loss is the best loss” and I did the right thing by closing out. I did close out with a profit on the trades.

Tuesday QQQQ : Support 43.0 & 42.75 | Resistance 43.45
Short Term Resistance 44.0

Chart courtesy of StockCharts
~squid

I have been following Pete over at 1option.com. The only thing I don’t like about his blog is, well, the domain name. I hate domain names with numbers in them.

That being said, I do read his blog most days, and I am adding him to my blog roll.

~squid