May 18

New Upleg for Q's?

If we can ignore the bad data spike on the enclosed chart, the pattern in the Q's (NASDAQ: QQQQ) off of Wednesday's pullback low at 45.91 continues to look like the start of a new upleg within the larger bullish channel off of the March low at 41.89. My pattern and oscillator work point higher, towards a pop to new high territory that projects next to 47.20/50. Only a break of 45.91 will compromise the pattern, and inflict technical damage to the underlying uptrend.
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!