Let’s notice that the Nasdaq 100 Trust Shares (QQQQ) are trading near the mid-point of the range between 3/14 and 3/22, which leaves us in the middle of no where. That said, the larger pattern from the March lows remains relatively constructive, which makes me defer to a bullish posture (upside resolution) for now. However, if the Persian Gulf situation worsens because of a full-blown confrontation, and the Qs violate support at 43.23/10, then the Q's likely will press towards another test of the March lows near 42.



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.