Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

The Qs just keep grinding higher today in what my work argues is a recovery rally within a larger topping formation. As long as the series of lower highs off the 12/15 high at 40.68 remains intact, the overall bearish near-term chart structure will remain the dominant feature of the Qs. At this juncture, only a sustained rally above 39.80 will neutralize my still-negative near-term technical outlook. Inability of the Qs to hurdle 39.80 in the upcoming hour(s) followed by a decline below 39.45 will be initial signal that today's recovery bounce is over, and that the dominant downside price pressures have started to reassert themselves, for a run at the 38.50 next optimal target zone.

For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary at. Or try his QQQ Trading Diary.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!