After pressing beneath the lower channel line yesterday, the Q's (NASDAQ: QQQQ) have recovered and now are trading above the lower support plateau (37.00) in what so far is classic reversal behavior using channel analysis. Now the Q's need to hurdle and sustain above the first important resistance level at 38.00/20 to elevate my technical confidence for a meaningful upside reversal. However, to trigger significant reversal signals, the Q's must hurdle and sustain above 39.00/30 to complete a Sept-Oct double bottom at 36.75 (9/29) and 37.02 (10/2). For now, ahead of the "The Vote," I am still watching the unfolding micro pattern.

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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