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Current Weakness in Q's Should Find Nearby Support


At this point it certainly looks as though this morning's pre-open new high in the Nasdaq 100 Trust Shares (Nasdaq: QQQQ) at 47.95 ended the upleg off of the 6/13 low at 46.44, but right now NOT the upleg off of the 6/08 low at 46.08. There is a subtle but huge difference in which of the uplegs is ending. If I am correct and just the 6/13 upleg ended, then current weakness should find support between 47.50 and 47.25, prior to another thrust to new highs above 48. However, if the 6/08 upleg has ended, then the 47.50/25 support area is unlikely to contain the decline, and the Q's will be vulnerable to a much more significant bout of weakness that at the very least will test key intermediate-term support between 46.10 and 45.90, which if violated will signal that a meaningful peak is in place. So, based on my calculations, much could be at stake here during the upcoming hours.
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