MIKE PAULENOFF'S ETF TRADING DIARY
Right now, the Q's remain right at the top of their week-long advance off of (last Fri.'s) low at 47.82- and poised to make a full-fledged retest of the 5/19 high at 50.43. My technical work indicates that the Q's actually are chiseling out a wide sideways consolidation area between 50.00/50 and 48.00/50, which in time, either will turn out to be a meaningful top to the Mar.-May advance (from 41.00), or a bullish congestion area prior to another thrust towards 53.00. My sense now is that regardless of whichever outcome emerges, the near term pattern suggests strongly that the current upleg is nearing completion ahead of another loop back down to test 48.50/00. In other words, the Q's may have another two weeks of wide range-trading prior to a resolution to the larger pattern. It is with that in mind that I continue to watch from the sidelines.
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