Unfinished Business to the Upside?

Three and a half hours after the opening bell, and the Nasdaq 100 Index Tracking Stock (QQQQ) remains stubbornly suspended right near Friday's highs amidst a very quiet market that exhibits no selling pressure (and not much more buying power). Nonetheless, after six consecutive up-days, the Qs act as though they have unfinished business on the upside.

Right now, my hourly work points to a pop above Friday's high at 40.45 into marginal new high territory at 40.55/60 prior to the next likely area to expect a downside pivot reversal and initiation of a corrective period. At this juncture, a decline that breaks 40.00 is needed to trigger downside follow-through to 39.20/00 initially.

For more of Mike Paulenoff, sign up for a Free 15-Day 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!