The QQQQ failed to push higher than 86.51 this morning prior to pivoting to the downside into a press to 47.85 so far. Although the selling pressure does not appear to be much at this time, the action nonetheless leaves behind a potential near-term double top formation with last Friday's high at 48.55. The ability of the bears to keep the QQQQ beneath 48.00/10 will strengthen the prospect of a near-term peak and the likelihood that the post August 4 upleg is complete.



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.