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e-NDU (QQQ) Remains Poised for Upside Continuation After Ending its 4-Week Correction


The e-NDU (QQQ) is having a relatively volatile session, but the net result of the price action-- now weakness off of its recovery rally high at 5717.75 (139.15) to 5682 (138.30)-- is, well, not much if any damage to the uptrend that has developed off of last week's (July 4th, electronic) low at 5560.25 (135.80).

In fact, the series of higher-highs and higher-lows since July 4th remains intact, and is the dominant feature of the week-long pattern in the NDX derivatives and ETFs.

At this juncture, only a decline that breaks and sustains beneath 5650 (137.50) will neutralize the week-long advance.

A climb above 5718 (139.20) will trigger upside projections to 5795 (141.00) next.

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