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.
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.