Q's Basing

Jul 25

by Mike Paulenoff, Fri July 25th, 2008

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Q's Basing
By Mike Paulenoff, www.MPTrader.com

On an otherwise too quiet Friday, let's notice that the big picture of the Q's (NASDAQ: QQQQ) remain with in a base-like pattern that started at the end of the June. Each rally has failed in the 46.00 area as the declines since July 15th have established higher lows. As long as yesterday's low at 44.65 remains intact, I am inclined to label it as one of those higher-low coordinates within the base. However, if 44.65 is violated then I will be expecting a press towards 44.00.

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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