Let’s notice that the Internet HLDRs (HHH) ETF gapped up this morning, confirming Friday’s close above its 16-month resistance line (57.45). The powerful upside follow-through has hurdled the February recovery high (58.70), which also is a very bullish sign. My pattern and oscillator work point to a climb to confront the top of the Aug-Apr. channel in the 61-61 target zone. Only a sudden decline that breaks 56.80/70 will wreck the current technical set-up.



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.