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Last week's pivot low at 42.52 certainly looks and feels as though the Q's ended a correction (from the 11/24 high at 44.86) and started a new upleg within the larger uptrend off the July lows. Although the action during the last four sessions has amounted to a range trade (44.20-43.70), the entirety of the post 1/03 upmove views the sideways action as a bullish consolidation period prior to a resolution to the upside that will propel the Q's to test and hurdle the Nov-Dec high at 44.86/84.
Only a break below 43.50 will weaken the bullish scenario, while a break of 42.52 will be outright negative.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
