Q's Confronting Resistance

Mid-Day Minute for Mon February 8th 2010
by Mike Paulenoff, www.MPTrader.com
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The action in the PowerShares QQQ Trust (Nasdaq: QQQQ) is not exactly ripping the cover off the ball in the aftermath of Friday’s sharp, late-session upside recovery from 42.12 to 43.02. That said, the hourly chart pattern and momentum work still argue for additional strength that should confront the Jan-Feb resistance line, now at 43.50. Inability of the Q’s to claw their way towards the vicinity of the down trendline, followed by a decline that breaks 42.64, will point to a retest of Friday’s low.

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions. Sign up for a Free 15-day trial to Mike's ETF & Stock Trading Diary.
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