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MPTrader Mid-Day Minute
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| Wed Jul 16th 2008
Q's Near-Term Bullish
By Mike Paulenoff, www.MPTrader.com In contrast to my interpretation of the near-term pattern exhibited by the SPYs, the Q's (Nasdaq: QQQQ) have a more bullish "look" from yesterday's low at 43.30 into today's high at 44.90, which suggests to me that after this noon-time lull is complete they will make a run at key near-term resistance at 44.90. If (when) hurdled, the Q's should climb quickly towards resistance at 45.90-46.00. Only a decline that breaks below 43.85 will wreck the current near-term set-up. For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his ETF Trading Diary. |
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