Isn't it amazing that the Q's (NASDAQ: QQQQ) can decline right to a near-term support line, currently 54.25 or so, and hold right there? And this is happening while the other indices are breaking down! In any case, let's keep an eye on the Q's during the final two hours of trading to see if they can avert breaking important near-term support at 54.25 and possibly 54.05/00, which will (finally) inflict some damage to the near-term technical picture. If so, then the next target is 53.85.

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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