A very quiet session so far, but a defensive one to be sure. The weakness has pressed the PowerShares QQQ Trust (Nasdaq: QQQQ) from 35.14 to 34.65, which in and of itself has NOT inflicted any meaningful damage to the dominant near-term uptrend off of the most recent pivot low at 32.01 (4/21). At this juncture, only additional weakness that sends the Q’s beneath 34.50/40 will begin to compromise the most recent portion of the uptrend and could press prices to 34.00-33.80 in a hurry. Conversely, as long as 34.65/45 contains forthcoming weakness, the bulls will remain in control, and the next upside target is 35.30/50.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of

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