Mar 30

Bullish Posture Towards Q's

Let's notice that the Nasdaq 100 Trust Shares (Nasdaq: QQQQ) are trading near the mid-point of the range between 3/14 and 3/22, which leaves us in the middle of no where. That said, the larger pattern from the March lows remains relatively constructive, which makes me defer to a bullish posture (upside resolution) for now. However, if the Persian Gulf situation worsens because of a full-blown confrontation, and the Qs violate support at 43.23/10, then the Qs likely will press towards another test of the March lows near 42.
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!