As tenuous as the SPY and e-SPU patterns might appear so far today, let’s notice that the PowerShares QQQ Trust (QQQQ) has carved out a symmetrical triangle or coil since last Thursday’s peak at 39.49, which is a much more constructive pattern than the one carved out by the S&P indices. Based on the QQQQ pattern, my sense is that my "one more thrust scenario" is alive and well – and if so then the QQQQ will lead the run on the upside. In the case of the QQQQ , I will expect a pop to new recovery highs above 39.49 into the 39.80-40.10 target zone. Only a decline that breaks 38.93 will wreck and invalidate my preferred scenario.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.