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Positive Earnings Fuel a Move Higher -
In our last report,
we mentioned that the QQQQ was trading near the short-term resistance of the
$45.50 level. As you can see from the chart below, Monday's bullish move beyond
the resistance set the tone for the remainder of the week as traders priced in
better-than-expected earnings. Many traders will watch for the previous
resistance to become an area of support in the event of a pullback and it will
be interesting to see if the remaining announcements will continue to provide
the bulls with the fuel they need for the rally to continue higher.
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Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor
Previous Chart Alerts:
APOL
QQQQ
AMED
QQQQ
EBAY
QQQQ
INAP
QQQQ
GD
QQQQ
INTC
QQQQ
ABK
QQQQ
NTRS
QQQQ
ACE
QQQQ
BJ
QQQQ
ALL
QQQQ
GGG
QQQQ
BA
QQQQ
WMB
QQQQ
OIL
QQQQ
OXY
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