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By Mike Paulenoff, www.MPTrader.com
Unless and until the Q's (Nasdaq: QQQQ) hurdle and sustain above 45.45, the pattern carved out since July 1st continues to exhibit lower-lows and lower-highs (otherwise defined as a downtrend!). A rally that hurdles 45.45 will be my first (relatively minor) signal that the near-term downtrend in the Q's has been neutralized, while a climb above 45.90-46.25 will trigger new near-term buy signals. As of this moment, however, neither the pattern off of Friday's low nor the momentum configuration impress (me) as indicative of a significant low in place.
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!
