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Anticipating Afternoon Swoon in Q's

Anticipating Afternoon Swoon in Q's
By Mike Paulenoff, www.MPTrader.com

Based on my near-term pattern work, my preferred scenario calls for upside backing and filling in the Q's (NASDAQ: QQQQ) for the next 1-3 hours, followed by another swoon that breaks the low for the day (30.47) on the way to my optimal corrective target of 30.00. If such a scenario unfolds, I will be evaluating the pattern and the underlying momentum gauges for a possible short position, also weighing whether there's a reasonable amount of time remaining in today's session to take the trade. Otherwise, I will stay on the sidelines looking for a larger buying opportunity tomorrow.

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