Completed Recovery Rally in Q's

If the larger pattern in the PowerShares QQQ Trust (Nasdaq: QQQQ) off of the June high at 37.29 to Tuesday’s low at 34.77 represents the initial downleg in an intermediate-term correction of the March-June advance, then all of the action off of this week’s low into today’s high likely represents a completed or very nearly completed recovery rally -- ahead of the start of another downleg to finish the larger pattern.  If my pattern work proves accurate, then in the hour(s) directly ahead the Q’s should peak and roll over in the vicinity of 36.30/60, towards a retest of 34.77 –- on the way to 33.80/40.


  Matched
x
  • In our live, interactive Trading Room, we identify trading opportunities in ...
  • Equity Index Futures
  • Index & Sector ETFs
  • Individual Stocks
  • Precious Metals
  • Energy
  • Forex
  • Treasuries
  • International Markets
  • And Much More
Join MPTrader Now!
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!