Constructive Pattern for Nasdaq Q's
Stock-Markets / Tech Stocks Jul 28, 2009 - 12:46 PM GMTAs tenuous as the SPY and e-SPU patterns might appear so far today, let’s notice that the PowerShares QQQ Trust (Nasdaq: QQQQ) has carved out a symmetrical triangle or coil since last Thursday’s peak at 39.49, which is a much more constructive pattern than the one carved out by the S&P indices.
Based on the QQQQ pattern, my sense is that my “one more thrust scenario” is alive and well – and if so then the Q’s will lead the run on the upside. In the case of the Q’s, I will expect a pop to new recovery highs above 39.49 into the 39.80-40.10 target zone. Only a decline that breaks 38.93 will wreck and invalidate my preferred scenario.
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By Mike Paulenoff
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