In contrast to my interpretation of the near-term pattern exhibited by the SPYs, the QQQQ have a more bullish look from yesterday's low at 43.30 into today's high at 44.90, which suggests to me that after this noon-time lull is complete they will make a run at key near-term resistance at 44.90. If (when) hurdled, the QQQQ should climb quickly towards resistance at 45.90-46.00. Only a decline that breaks below 43.85 will wreck the current near-term setup.



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.