Today’s decline in the QQQQ has sliced through near-term trendline support at 46.60, as well as the series of higher-pullback lows established since Tuesday’s pivot low at 46.30, which has inflicted some damage to the near-term chart structure. The high-level consolidation pattern is busted, as the Q’s roll into a more serious correction that projects next into the 45.80/60 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.