So far, we were correct to get out of the way of the equity market in what looks like the end of a 2-3 day pullback, and the resumption of the underlying uptrend.  With that in mind, let's have a look at the HHH (Internet Sector ETF).

My near-term work in the HHH argues that the weakness from the November 22 high at 56.50 into the 52.67 low on December 1 completed a minor pullback within an unfinished upleg off of the August low at 44.62.  If that proves to be the case, then the HHH is now in the early portion of a new upleg that should retest and hurdle 56.50 on the way to the 58 target zone.

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.