The Nasdaq-100 (QQQQ) continues to stair step higher towards the top of the March-May channel at 50.00/20, which should provide the next serious challenge to the powerful 8-week advance. My overall technical work is warning me to be prepared for another attempt by the bears to reverse the direction of the QQQQ, which if successful should press prices back towards the 48.30/00 support zone. This should not be construed as a call to short the QQQQ -- at least not yet anyway.



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.