Market Analysis for Dec 2nd, 2004

The QQQQ has broken below key micro support at 40.15, and since has been consolidating below that level in what looks like a micro bear flag ahead of another decline into more important support around 40.00. Based on my intraday work, only a rally that sustains above 40.30 will invalidate the outlook for additional weakness that tests, and possibly breaks below, 40.00 on the way to 39.70.

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