Nasdaq Q's Continue to Act Well

By: Mike_Paulenoff

The Q's (NASDAQ: QQQQ) continue to act well and are right at their highs for today's thrust from a two-week base pattern. My next near-term target is 30.20/50, the lower portion of which already has been met. My higher target of 30.80 to 31.25 coincides with confrontation with the Nov-Jan resistance line, now at 30.80. The resistance line at 30.80 up to 31.25 should put a lid on any "euphoric" reaction to the FOMC statement released at 2:15 pm ET. Conversely, at this juncture only a decline that breaks 29.70 will begin to compromise the still-constructive near-term pattern in the Qs.

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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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