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QID Remains in Downtrend


So far the UltraShort QQQ ProShares (AMEX: QID) ETF still cannot or have not hurdled key resistance at 48.70/75 to inflict any sort of damage to the still-dominant downtrend. The longer the index remains coiled below 48.75, the more likely it represents a bearish consolidation period, which when complete should resolve itself to the downside in a press to new lows. My sense is that if the QIDs fail to make a run at the upside prior to today's last hour of trading, then the bears will take control and attempt to break the pattern in the direction of the underlying trend.
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