Q's Have More Room to Advance

Q's Have More Room to Advance
By Mike Paulenoff, www.MPTrader.com

Earlier when the Q's (NASDAQ: QQQQ) were at 41.60, they had retraced just about 50% of the entire upmove from yesterday's low at 40.98 to this morning's high at 42.19, which is where they held and turned back to the upside. The initial upside exhibits bullish form, while the intraday weakness exhibits corrective form and tells me (so far) that the Q's have additional upside remaining prior to the completion of a larger developing recovery rally period. My sense is that the Q's are only partially finished with the advance, and that they will thrust towards a test of 43.00 in the upcoming hours.

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