MichaelGLamothe

200dma and September Highs still acting as support for QQQ...

NASDAQ:QQQ   POWERSHARES QQQ TRUST
qqq
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An important line in the sand for QQQ             is 108.73. It marks both the 200dma as well as September's high. As noted yesterday, this is a level of resistance that later turned into support. It was tested on both Monday and Tuesday and so far it has held.

Both 108.73 as well as Monday's low of 108.12 are important levels to watch. If 108.12 is breached, I think we'll see a number of stop losses triggered and this may create a new wave of selling.
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