The pattern carved out by the Q's (Nasdaq: QQQQ) off of Friday's low at 29.38 into the 33.63 high today (so far) has the right look of a completed initial upleg -- ahead of a pullback that should re-enter this morning's up-gap between 32.30 and 31.40. Only continued strength that hurdles 34.00-34.20 will argue that the current advance has considerably more power than I am willing to ascribe to the upmove off of Friday's low.

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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