QLD Intraday Resistance Points 022608

Here’s my thoughts on a trade in QLD as it traded during the day. My buy in QLD came as the Nasdaq broke it’s trendline resistance on the 5-minute chart.

I figured the first target on the Nasdaq would be the trendline resistance on the 60-minute chart around 2337. If that broke, 2350 seemed like a good target for the day.

I had a good feeling the 2350 target would be reached. Last week was a decent shakeout of the bulls. I won’t be surprised to see a quick 100 Nasdaq point move up from here. The market pulled back near the close, and just about retested that trendline on the 60-minute chart.