The Q's continue to consolidate between 38 and 38.20 in very quiet, almost listless trading action today. My work argues that the Q's are consolidating ahead of another decline that should break support at 37.96/.92 on the way to 37.60. At this juncture, only a rally that hurdles 38.45 will argue that the Q's have their sights set on a retest of Friday's high at 38.83.

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Mike Paulenoff is a 25-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his E-mini S&P and QQQQ technical analysis and trading alerts. For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary, or try his QQQ Trading Diary.