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The QQQQ Report for April 2nd - April 6th, 2007
Casey Murphy - April 2, 2007


Unable to Break Above $44.5 - In our last report, we mentioned that the bulls were able to recoup the losses from the February decline, but that they were facing the short-term resistance found near the bottom of the gap, near $44.50. As you can see from the chart below, this resistance proved to be too much for the bulls to handle, and the bears took control again, sending the price back below the 100-day moving average. The chart below continues to be a good example of the battle between the bulls and the bears; so far, it doesn't seem like either party has an upper hand.

 


Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor


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