Now that the Q's (QQQQ) have broken to the upside and satisfied the upside target from last week's consolidation between 53.00 and 52.50, today's new but unconfirmed high takes on more significant meaning. This warns me that the Q's are at or are very near to an area from where I am expecting a correction, into the 52.00 area initially, on the way to 51.00. Maybe the release of the FOMC minutes triggers the sell-off, or alternatively triggers and spikes towards 53.50/80 first. In either scenario, my near-term work is warning me that higher highs are not sustainable.



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.