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By Mike Paulenoff, www.MPTrader.com
After pressing beneath the lower channel line yesterday, the Q's (NASDAQ: QQQQ) have recovered and now are trading above the lower support plateau (37.00) in what so far is classic reversal behavior using channel analysis. Now the Q's need to hurdle and sustain above the first important resistance level at 38.00/20 to elevate my technical confidence for a meaningful upside reversal. However, to trigger significant reversal signals, the Q's must hurdle and sustain above 39.00/30 to complete a Sept-Oct double bottom at 36.75 (9/29) and 37.02 (10/2). For now, ahead of the "The Vote," I am still watching the unfolding micro pattern.
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!
