Despite the acutely negative earnings reactions in some big-cap technology names Thursday evening, the PowerShares QQQ Trust Nasdaq: QQQQ) showed incredible resilience and relative strength throughout Friday¹s session.
Let¹s notice that including Friday¹s early weakness, the price structure of the entire upmove from the July 8 low at 34.30 exhibits a series of higher-highs and higher-lows. The most recent pullbac pivot low Friday morning at 38.70 appears to have completed a minor correction within the still dominant uptrend, which has resumed and is poised to thrust to new high ground.
My next upside projection is above 40.00, and only a decline that breaks 38.70 will begin to inflict initial technical damage.
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