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QQQQ Tackling Near-Term Down Trendline
By Mike Paulenoff | Published  01/15/2009 | Stocks | Unrated
QQQQ Tackling Near-Term Down Trendline

The QQQQ has turned up in a big way, but let's notice that the rally has stalled right against the near-term down trendline, which cuts across the price axis at 29.05. If hurdled, then the Q's should accelerate toward my next immediate target zone of 29.50/80. Only a decline that breaks and sustains beneath 28.60 will begin to compromise the current constructive near-term set-up.



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.