I have very preliminary signals that the decline from Friday's high at 49.29 in the QQQQ ended this morning at 48.14. If accurate, then the QQQQ should not violate 48.14 on any ensuing weakness and instead should continue higher towards a retest of last Friday's high at 49.27 on the way to new multi-month recovery highs projected into the 50.00/40 target zone.



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.