New Upleg in QQQQ?
My hourly work is beginning to signal that this morning's low at 41.72 in the QQQQ likely concluded the pullback off of Thursday's rally peak at 42.82. An intraday rally above 42.05 will confirm that the low is in, and that a new upleg has started that should return the Qs to probe the 42.90-43.05 resistance zone. Conversely, failure of the Qs to rally above 42.05 followed by a break of 41.72 will point to a press that tests last week's low at 41.39.
For more of Mike Paulenoff, try his new MPTrader Trading Diary -- a combination of his diary services -- at https://www.mptrader.com/sec-bin/ttuser?page=mtc&ref=email.