The next few hours should be very interesting, indeed, because my near-term work argues that this morningââ,¬â"¢s pop to 40.45 in the QQQQ likely ended the upleg off of Mondayââ,¬â"¢s low at 38.22, which if true means that the Qââ,¬â"¢s are heading for a test of key micro support at 39.77 either later today or immediately after the weekend.  If 39.77 is violated, then we will have an initial confirmation that a meaningful correction is in progress that should press the Qââ,¬â"¢s to 39-38.80 immediately thereafter.

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.