Strength in QQQQ Still Not Bullish

I am not sure what to call this strength in the Q's off of this AM's low at 36.31, but the intraday pattern does NOT exhibit bullish form -- or, in other words, I do not interpret this action as the end of a correction and the start of a new upleg. What is it then? See chart below.

For more of Mike Paulenoff, sign up for a Free August Trial to his ETF Trading Diary.

  • 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!