QQQQ Pullback Likely Complete

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By Mike Paulenoff | Published 04/24/2006 | Stocks | Unrated

QQQQ Pullback Likely Complete

My hourly work is beginning to signal that this morning's low at 41.72 in the QQQQ likely concluded the pullback off of Thursday's rally peak at 42.82. An intraday rally above 42.05 will confirm that the low is in, and that a new upleg has started that should return the Qs to probe the 42.90-43.05 resistance zone. Conversely, failure of the Qs to rally above 42.05 followed by a break of 41.72 will point to a press that tests last week's low at 41.39.

Mike Paulenoff is a 25-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his E-mini S&P and QQQQ technical analysis and trading alerts. For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary, or try his QQQ Trading Diary.

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