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The PowerShares QQQ Trust (Nasdaq: QQQQ) slowly climbs to the upside off of its two-day double-bottom formation at 33.88, towards another test of resistance up at 34.74 (this morning’s high). If the Q’s can claw their way above 34.74 – especially late in today’s session – I will be expecting a powerful upside follow-through that revisits this week’s high at 35.30, possibly on the way to my optimal next target at 36.20/50. At this juncture only a plunge beneath 33.88 will wreck the still constructive pattern.
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!
