MIKE PAULENOFF'S ETF TRADING DIARY
Today's strength in the QID (weakness in the Q's) has left behind a pullback low on Friday at 37.06 that has the look of the secondary low of a potential Double Bottom with the 5/19 low at 36.84. The top of the "W" pattern resides at a Double Top of 40.93 (5/07 & 5/23), which the price structure appears to have started to travel towards this morning. Actually, I am viewing the 40.00-41.00 area either as the "upside breakout plateau" or the "ceiling" on the developing pattern. Based on my near- and intermediate-term work, by the end of the week the QID should provide us with clues about the efficacy of the emerging Double Bottom.
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