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By Mike Paulenoff, www.MPTrader.com
The Q's (NASDAQ: QQQQ) are approaching key near-term swing targets off of the Jan 6 rally peak at 31.63, the first of which is 29.35/30, which if violated will point to a press towards more important support at 28.80/70. My Oct-Jan pattern work argues that in either case (mentioned above), the larger pattern indicates that we should be expecting another upmove from 29.35/30 or 28.80/70. Having said that, however, my strategy for the Q's if I was short would be to cover "down here," but not to go long until we have signals to do so.
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!
