So far my work argues that this morningââ,¬â"¢s weakness is an orderly pullback, almost muted in a way, after yesterdayââ,¬â"¢s explosive advance. My work points to weakness into the 38.00 area prior to a resumption of strength that propels the QQQQ above yesterdayââ,¬â"¢s recovery high at 39.09 towards my next optimal target zone at 39.50/60.  At this juncture only a decline that breaks below 37.50 will begin to 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.