The PowerShares QQQ Trust (Nasdaq: QQQQ) slowly climbs to the upside off of its two-day double-bottom formation at 33.88, towards another test of resistance up at 34.74 (this morning’s high). If the Q’s can claw their way above 34.74 – especially late in today’s session – I will be expecting a powerful upside follow-through that revisits this week’s high at 35.30, possibly on the way to my optimal next target at 36.20/50. At this juncture only a plunge beneath 33.88 will wreck the still constructive pattern.

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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