Update on the Q's-Still Chugging Along

Okay, our scenario is still pretty much intact as support remains intact. We saw a little run today below previous support and for some reason, a lot of Technical traders are real sticks ion the mud about support and resistance areas. They tend to look at them in terms of exactly $29.21, which is ridiculous, with the exception of some whole numbers like $10 or something like that where you know everyone and their uncle put a stop. However, in today's case, we didn't see huge volume on the downside penetration, so I'm not sure how much short squeeze pop will come of that, but it may have been enough to propel that late day buying we saw. I've mentioned the last few days that I would consider being a buyer at support, in and around because your downside risk is limited. So today, you got another chance.

Lets take a look at some charts. First up, this is an hourly chart of the Q's and note the nice move off support again, this time we saw a brief penetration, but remember, unless things really go south, we want to honor our stops toward the close, so that shouldn't have been a problem. What is interesting here, note the green volume picking up on the bounces off support and look at the size of the closing hour's candle-very impressive. On a daily chart today came out as a doji star. The dominant price volume relationship was price down with volume up, which means oversold and it is especially encouraging considering the amount down was less than .5%


Next up is a 1-min chart. Check out the volume on the advances and the lighter volume on the pullbacks. This is not typical short squeeze behavior, so I don't think that was a big factor. Most importantly, we have a nice pattern of higher highs and higher lows. Keeping it in perspective, it's only a 1-min chart, but this is where the professionals are trading.


Here's my Rainbow Bollinger Bands and you may recall in my last post I thought we may see a move toward the upper blue band, we are off to a good start there.


This is my 3C indicator on a 15 minute chart and it is looking pretty good showing what appears to be some accumulation today, volume and price action tend to confirm that.



Finally this is Worden TeleChart's MoneyStream and MoneyStream is in a leading divergence on this 5-min chart.


So, check out the analysis from the last few posts and you'll get an idea of where I think the Q's are headed, one way or the other and perhaps one after the other. Please remember that I'm an affiliate for Blocks and TeleChart so if you use links from my site, they'll help keep me blogging. I appreciate it. You may also notice a new banner at the top of the site. I've heard a lot about INO TV and I'm going to check it out tonight. They have over 500 seminars from the top traders in the world. That link at the top will give you access to view 4 of these seminars for free! They also have a premium service which is pretty reasonable considering you are getting one of if not the largest library of seminars from the top traders in the world and you can watch whichever you choose anytime you choose. Traders like Larry Williams and Jack Swagger-author of a couple of my favorite books, besides Brian Shannon's. I'll have more to say on Brian's book in another post, but this is one hell of a book. So take a look, let me know what you watched on the TagBoard and if it was any good and I'll do the same.