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By Mike Paulenoff, www.MPTrader.com
The Q's (NASDAQ: QQQQ) continue to act well and are right at their highs for today's thrust from a two-week base pattern. My next near-term target is 30.20/50, the lower portion of which already has been met. My higher target of 30.80 to 31.25 coincides with confrontation with the Nov-Jan resistance line, now at 30.80. The resistance line at 30.80 up to 31.25 should put a lid on any "euphoric" reaction to the FOMC statement released at 2:15 pm ET. Conversely, at this juncture only a decline that breaks 29.70 will begin to compromise the still-constructive near-term pattern in the Qs.
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!
