After two hours of trading, the Qââ,¬â"¢s have plunged from their pre-economic data high of 38.67 to 38.08 so far, likely on the way to my optimal next pullback target between 38 and 37.80, which must contain the selling pressure to avert a much more damaging decline towards 37-36.80.

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.