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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 681.44

+1.6%

Nov 10 4:00 PM EST

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To: bobby beara who wrote (44808)	4/4/2000 12:42:00 PM
From: Jacob Snyder	Read Replies (1) of 99985

Nasdaq 100 breaking support, At about 100, QQQ had resistance in January, stalled in that area in February, and then found support at that level in mid-March. Today, we broke below that support level, hitting 94. I almost sold all my QQQ shorts at the close yesterday, thinking we'd at least get a right-shoulder bounce. I'm still holding them, but watching very carefully. If we have a rally, and look like we're going to close at that 100 support level, I'll cover my shorts, and re-short the upcoming right shoulder rally.

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