Heading into the final hour of trading, the Q's are attempting to turn up off of key support at 42.50, and ahead of this PM's earnings report on INTC, IBM and YHOO, which is nothing else, will move the tech sector a bit post-close.  Right now, as long as 42.50 contains any forthcoming weakness, and should the Q's manage to hurdle and sustain about 42.75/80, my work will argue that the Wednesday-Thursday pullback is over, and that a new upleg has commences that should propel the Q's to new highs on the way to 43.60/80.  Conversely, a decline that breaks and sustains below 42.50 will extend the downside corrective phase into the 42.20-41.96 target support zone

MJP 01/17/06