MPTrader - Near-Term Work Remains Positive on Nasdaq (Q's) As Long as 48 Holds

By: Mike_Paulenoff

The Q's (Nasdaq: QQQQ) rocketed nearly $0.90 (1.9%) off of this morning's pre-open low at 48.08, but stalled and reversed right just below a key near-term resistance plateau between 49 and 49.15, which if (when) hurdled should trigger a powerful upside acceleration off of the development of a 3-week base-like pattern in the aftermath of the Jul-Aug decline.

Right now, this morning's low looks like the next higher pullback low in the bottoming process, which means that a break of the 48 area will impact my near-term work negatively. For now, however, as long as 48.08 contains any extreme give-back in the first-hour recovery, my near-term work remains positives and argues for consolidation between 48.50 and 49 prior to a thrust above key 3-week resistance at 49.05/15.

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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 Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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