So far the Q's (NASDAQ: QQQQ) are following the 25 bps script…entering a correction on expected, disappointing news from the FOMC, amidst extremely optimistic sentiment. Let's notice that the price structure is approaching a test of the Nov-Dec support line, now at 51.90, which my work argues will be violated on the way to at least 50.50 thereafter.

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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