All of the major market equity ETF's have the potential to make key upside reversal days today, which if confirmed at the close would appear to be bullish signals that the recent weakness from last Tuesday is over, and that another period of strength has commenced.

The question is what kind of strength -- the quality of the strength, etc. -- because as of this moment, my work is warning me that this rally effort is not the start of a new upleg, but rather a sharp recovery rally within a larger, developing downside corrective process.

With that in mind, let's have a look at the Q's, the strongest of the indices.

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.