Q's Stair-Step Towards Key Resistance - Mid-Day Minute for Wed May 14th 2008

May 14

Q's Stair-Step Towards Key Resistance

by Mike Paulenoff, Wed May 14th, 2008

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Q's Stair-Step Towards Key Resistance
By Mike Paulenoff, www.MPTrader.com

The Q's (NASDAQ: QQQQ) continue to stair-step higher towards the top of the March-May channel at 50.00/20, which should provide the next serious challenge to the powerful 8-week advance. My overall technical work is warning me to be prepared for another attempt by the bears to reverse the direction of the Q's, which if successful should press prices back towards the 48.30/00 support zone. This should not be construed as a call to short the Q's -- at least not yet anyway.

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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