This morning, Google (GOOG), a major component of the Nasdaq 100, hit a corrective low of 573.90 off of its January 4 high at 629.51, prior to turning up for a rally into the 583-85 area. What is important technically is that GOOG pivoted to the upside from within 1% of its major up trendline from the March 2009 low, which cuts across the price axis at approximately 570.00.

Let’s notice that yesterday's low at 45.43 came within around 40 cents, or 1 percent, of its March-January up trendline as well. We must watch GOOG closely in the hours/days ahead because if it breaks 570 then the PowerShares QQQ Trust (QQQQ) likely will violate its major up-trendline, thereby triggering a possibly nasty and acute bout of long liquidation in the aftermath of an incredible run on the upside.

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