Although the QQQQ has been unable to make any upside progress during the first hour of trading, the action nevertheless is very muted, and does not suggest there is any meaningful selling pressure at this time. In other words, the action in the QQQQ is an orderly high-level consolidation period that probably will span a range between 46.00 and 45.00 prior to completion, and the emergence of a new upleg to 48.



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