Be alerted when Mike posts an article
By Mike Paulenoff, www.MPTrader.com
Earlier when the Q's (NASDAQ: QQQQ) were at 41.60, they had retraced just about 50% of the entire upmove from yesterday's low at 40.98 to this morning's high at 42.19, which is where they held and turned back to the upside. The initial upside exhibits bullish form, while the intraday weakness exhibits corrective form and tells me (so far) that the Q's have additional upside remaining prior to the completion of a larger developing recovery rally period. My sense is that the Q's are only partially finished with the advance, and that they will thrust towards a test of 43.00 in the upcoming hours.
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!
