Three and a half hours after the opening bell, and the Nasdaq 100 Index Tracking Stock (QQQQ) remains stubbornly suspended right near Friday’s highs amidst a very quiet market that exhibits no selling pressure (and not much more buying power).  Nonetheless, after six consecutive up-days, the Qs act as though they have unfinished business on the upside.  Right now, my hourly work points to a pop above Friday’s high at 40.45 into marginal new high territory at 40.55/60 prior to the next likely area to expect a downside pivot reversal and initiation of a corrective period.  At this juncture, a decline that breaks 40.00 is needed to trigger downside follow-through to 39.20/00 initially.

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.