More Upside Expected for Q's

By Mike Paulenoff

On the one hand, the Q's (Nasdaq: QQQQ) should have continued higher after breaking to the upside above 29.60, but no follow-through occurred. Instead the Q's have pulled back to the 29.40 level in what looks like a minor correction ahead of another attempt to hurdle and thrust from 29.60/65 to 30.20/50. Only a failure to rally followed by a break beneath 29.00 will indicate that the Q's ended a weak rally phase and are in the easily stages of a nasty decline that should revisit the January lows near 28.

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