On an otherwise too quiet Friday, let's notice that the big picture of the QQQQ remains within a base-like pattern that started at the end of the June. Each rally has failed in the 46.00 area as the declines since July 15 have established higher lows. As long as yesterday's low at 44.65 remains intact, I am inclined to label it as one of those higher-low coordinates within the base. However, if 44.65 is violated, then I will be expecting a press towards 44.00.



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.