Key Downside Reversal for the Qs - Mid-Day Minute for Fri November 3rd 2006

Nov 03

Key Downside Reversal for the Qs

by Mike Paulenoff, Fri November 3rd, 2006

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In today's action so far, the QQQQs have carved out a potential key downside reversal spike amidst a very negative juxtaposition in our daily RSI momentum. If ever you needed a technical reason to beware the long side, or expect a period of weakness, this appears to be it.

On the short side of the Nasdaq 100, the QID is heading for a minimum target zone of 60-61 before my near term work gets a little frothy off of the 10/27 low at 54.77... and if downside pressures materialize ahead of the NDX 20 week cycle low, then who knows how much lower the Nasdaq can press (how much higher the QID's will climb) in the hours directly ahead?

Chart

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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