After 90 minutes of trading, let's notice that the Q's have put in an intraday high so far at 47.07 which is right at the down trendline off of the 8/15 high, and which preserves the down-channel as well. From a strict technical perspective, as long as the 47.00 to 47.30 resistance zone continues to put a lid on strength, the near-term downtrend from mid-Aug will remain the dominant direction. Should the Q's continue to slide, a break below 46.30 will argue that the bulls have given up today's attempt to reverse and to sustain near-term trend direction.

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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