So far the Q's (QQQQ) are following the 25 bps script, entering a correction on expected, disappointing news from the FOMC, amidst extremely optimistic sentiment. Let's notice that the price structure is approaching a test of the November-December support line, now at 51.90, which my work argues will be violated on the way to at least 50.50 thereafter.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.