The big picture of the Q's could prove to be very interesting now. Let's notice that yest.'s spike tonew recovery highs at 42.92 hurdled the January.-October resistance line, which appeared to unleash new buying that should propel the price structure above both prior 2006 highs at 43.05 (April) and 43.31 (January). Instead of today's action extending and acceler- ating off of yest.'s "upside breakout," the weakness has pressed the Q's back below the upside breakout point of 42.50, and could be about to threaten to break below yes.'s low at 42.22-- which would be "technically significant" from a near term perspective. With 2 hours remaining in the session, on a Friday, amidst a powerful uptrend, let's not jump to conclusions just yet. Suffice it to say, however, that a close below 42.50 will be considered negative, while a close below 42.22 will be considered damaging.

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.