The Nasdaq-100 ETF (QQQQ) appear to have finished a minor pullback off of yesterday's high at 46.01 into today's low at 45.14 and have turned up sharply after absorbing and/or shaking off the negative news about jobless claims. The fact that prices have turned up sharply ahead of tomorrow's Employment Report is very interesting, and dare I suggest provocatively bullish action. Of course, the overall pattern carved out by the Q's since late January supports a run towards 48.00, so I will not pretend to be surprised that the price structure is climbing on a day before an important data point that usually is dull and uneventful. Be that as it may, as long as today's low remains intact at 45.14, my work will argue that a new upleg is in progress that points to 46.70-47.00 next on the way to 48.00.



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.