Nasdaq Short Fund on the Rise

With about 20 minutes remaining in today's session, the QID (ProShares UltraShort Fund -- 2X the inverse performance of the NDX) is holding up relatively well when compared with prior "day-after-rally" efforts, which have had a habit of failing miserably during the past three months. My intraday work argues that the pattern carved out today between 57.80/10 area represents a bull flag that should resolve itself to the upside towards the 59 next micro target zone. At this juncture, only a failure to rally followed by a decline below 56.50/40 will severely compromise what looks like the initial rally phase of a developing base formation.