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Unfinished Business on the Downside

Unfinished Business on the Downside
By Mike Paulenoff, www.MPTrader.com

While the cash SPX violated its 62% support level of the 2002-2007 bull phase, the Q's (NASDAQ: QQQQ) have just tested the similar level at 33.33, which thus far has held the selling onslaught. In that my weekly RSI momentum gauge is making new lows, coupled with breakdown of the SPX, suggests strongly that the Q's still have some unfinished biz on the downside. My next near-term optimal targets are 31.70/50 and then 30.00-28.90.

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