If we can ignore the bad data spike on the enclosed chart, the pattern in the QQQQ off of Wednesday’s pullback low at 45.91 continues to look like the start of a new upleg within the larger bullish channel off of the March low at 41.89. My pattern and oscillator work point higher, towards a pop to new high territory that projects next to 47.20/50. Only a break of 45.91 will compromise the pattern, and inflict technical damage to the underlying uptrend.



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.