Time Is The Issue
The Qs have remained in
consolidation mode throughout much of the
morning and are testing their intraday highs as we approach mid-day. Time
appears to be one of the more significant issues at play, and the longer we hold
hourly price support levels with decreasing stochastics, a further price
extension isn’t out of the question. In the bigger picture, the Qs are
continuing to test weekly downtrend resistance and whether or not we penetrate
yesterday’s high of $37.80 may provide clues as to how much gas is left in the
current tank.
12:30 P.M. ET
Good Trading!