Pullback in Q's Appears Complete

Pullback in Q's Appears Complete
By Mike Paulenoff, www.MPTrader.com

The Q's (NASDAQ: QQQQ) appear to have finished a minor pullback off of yesterday's high at 46.01 into today's low at 45.14 and have turned up sharply after absorbing and/or shaking off the negative news about jobless claims. The fact that prices have turned up sharply AHEAD of tomorrow's Employment Report is very interesting -- and dare I suggest provocatively bullish action. Of course, the overall pattern carved out by the Q's since late January supports a run towards 48.00, so I will not pretend to be surprised that the price structure is climbing on a day before an important data point that usually is dull and uneventful. Be that as it may, as long as today's low remains intact at 45.14, my work will argue that a new upleg is in progress that points to 46.70-47.00 next on the way to 48.00.


  Matched
x
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!