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Q's Testing Key Support


Q's Testing Key Support
By Mike Paulenoff, www.MPTrader.com

I would think that at this particular time in the Fed's efforts to build confidence in the efficacy of its policy prescriptions, that one of its own would refrain from making public comments such as, "there may be early signs that the Fed's credibility is weakening."

But, I guess in a bearish period, with the financial system attempting to heal its wounds, ineptitude knows know bounds... Let's have a look at the pattern that is unfolding in the Q's (NASDAQ: QQQQ), where prices have returned to test key support in the 43.60/45 area. If violated and sustained, then we should expect additional weakness that presses towards 42.50 thereafter.

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