Q's Heading for Retest of Key Support? - Mid-Day Minute for Fri September 15th 2006

Sep 15

Q's Heading for Retest of Key Support?

by Mike Paulenoff, Fri September 15th, 2006

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The next few hours should be very interesting, indeed, because my near-term work argues that this morning's pop to 40.45 in the QQQQ likely ended the upleg off of Monday's low at 38.22, which if true means that the Q's are heading for a test of key micro support at 39.77 either later today or immediately after the weekend.

If 39.77 is violated, then we will have an initial confirmation that a meaningful correction is in progress that should press the Q's to 39-38.80 immediately thereafter.

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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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