After 90 minutes of trading, let's notice that the QQQQ have put in an intraday high so far at 47.07, which is right at the down trendline off of the August 15 high, and which preserves the down-channel as well. From a strict technical perspective, as long as the 47.00 to 47.30 resistance zone continues to put a lid on strength, the near-term downtrend from mid-Aug will remain the dominant direction. Should the QQQQ continue to slide, a break below 46.30 will argue that the bulls have given up today's attempt to reverse and to sustain near-term trend direction.



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.