Q's Tackling Near-Term Down Trendline

Jan 15

by Mike Paulenoff, Thu January 15th, 2009

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Q's Tackling Near-Term Down Trendline
By Mike Paulenoff, www.MPTrader.com

The Q's (NASDAQ: QQQQ) have turned up in a big way, but let's notice that the rally has stalled right against the near-term down trendline, which cuts across the price axis at 29.05. If hurdled, then the Q's should accelerate toward my next immediate target zone of 29.50/80. Only a decline that breaks and sustains beneath 28.60 will begin to compromise the current constructive near-term set-up.

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!

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