Pullback in Q's Should Hold

Pullback in Q's Should Hold
By Mike Paulenoff, www.MPTrader.com

The all-day sell-off continues right into the final hour of trading. The Q's (Nasdaq: QQQQ) are nearing important near-term support between 48.80 and 48.50, where I expect the pullback to hold and reverse (not necessarily this afternoon). If such a scenario does unfold in the upcoming hours, an upside reversal off of 48.80/50 should trigger a new upleg that propels the Q's above 50.00 towards a retest of the July high at 50.46. Conversely, a violation of 48.50 will set up an important test of the Aug-Sept. trendline, which cuts across the price axis at 48.10 today.

  • 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!