Bullish Scenario Should Remain Intact for Qs
By Mike Paulenoff, www.MPTrader.com
I am not sure what to make of the hourly pattern that has been carved-out by the Q's (NASDAQ: QQQQ) since the 9/04 high at 50.00 -- other than it exhibits a series of higher lows and lower highs that have formed a coil pattern. Such a coil-type pattern just off of a recent high usually resolves itself in a thrust to the upside in sympathy with, and to continue, the underlying dominant uptrend -- in this case, that originated at the August pivot low of 44.39. Be that as it may, ahead of the FOMC meeting, who knows what will happen during the next 2 1/2 hours today and throughout tomorrow's AM session? Purely from a technical perspective, as long as 48.60/25 contains any further weakness, the bullish-resolution scenario will remain intact.