The upmove in the QQQQ off of yesterday's low at 41.50 exhibits bullish form on my micro charts, which indicates to me that after this pullback is complete the Q's should enter another potent upmove that will propel prices above the prior rally peaks at 42.49 and 42.76.  At this juncture, only a decline that breaks yesterday's low at 41.50 will compromise my current outlook.

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.