Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Qs Poised to Continue Larger Recovery Upleg


Although the major equity market ETFs feel like they are moving around quite a bit, actually in relation to the intense volatility during the prior two weeks, this is a pretty calm day! The pattern the Q's (Nasdaq: QQQQ) have carved out since Friday's spike high at 46.99 appears to me to be taking the form of a coil (lower highs and higher lows). As long as 45.59 contains any forthcoming weakness, the integrity of the lower side of the coil will remain intact. Conversely, I think that today's high at 46.64 is a second data point near the top side of the coil. As long as rallies fail to hurdle 46.64, the integrity of the resistance line of the coil will be preserved. As of now, I am expecting the Q's to press towards 46.00-45.90 prior to another attempt to break out above the top of the pattern -- which will continue the larger recovery upleg off of last week's low at 44.39 -- towards a target zone of 47.50-48.
  • 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!