QQQQ Pushing Resistance

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By Mike Paulenoff | Published 04/29/2009 | Stocks | Unrated

QQQQ Pushing Resistance

Let’s notice that the PowerShares QQQ Trust (QQQQ) is pushing up against the sharply declining 200-day moving average, now at 34.24, which if hurdled should trigger upside acceleration towards my next optimal target zone of 35.20/50. That will imbue the big picture chart of the Q’s with a similar very constructive look exhibited by Cisco (CSCO), per my posting from yesterday. I am still using 33.30 as my stop-reversal plateau.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.

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