The big picture of the PowerShares QQQ Trust (Nasdaq: QQQQ) continues to exhibit a powerful series of higher-lows and higher-highs off of the March low at 25.63. Unless and until the Q’s break the prior significant pullback low at 39.02 (9/03), the uptrend will remain intact and dominant.

On the upside, if the Q’s are heading for the top of the March-Sept channel, then we should expect prices to climb towards 43.00-44.00 in the hours/days directly ahead. Finally, a pullback into the 31.30/00 area should be considered a buying opportunity.

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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