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Q's Approaching Key Downside Targets

Q's Approaching Key Downside Targets
By Mike Paulenoff, www.MPTrader.com

The Q's (NASDAQ: QQQQ) are approaching key near-term swing targets off of the Jan 6 rally peak at 31.63, the first of which is 29.35/30, which if violated will point to a press towards more important support at 28.80/70. My Oct-Jan pattern work argues that in either case (mentioned above), the larger pattern indicates that we should be expecting another upmove from 29.35/30 or 28.80/70. Having said that, however, my strategy for the Q's if I was short would be to cover "down here," but not to go long until we have signals to do so.

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