The time of truth for the QQQQ, which have spiked to the upside off of yesterday's pivot low at 44.21, and are nearing a test of key resistance between 45.60 and 46.00. If hurdled, the QQQQ will breakout of a month-long base pattern that will trigger potential to a minimum projected target of 47.80-48.20. A downside violation of 44.20 will wreck the entire rounded base pattern and argue for a retest of the July low.



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.