I have a confession to make: One of several reasons I am having such a tough time flipping around to the short side is the behavior of Google (GOOG) and Apple (AAPL)! Both stocks are flying, making new all-time highs, which strikes me as a bit odd if the overall averages are about to implode.

In any event, let's have a look at my updated near term chart analytics of the Q's (QQQQ), which we can compare with the prior posting of the SPDRs (SPY).

While the SPY presses against the May 24 pivot low, let’s notice that the Q’s are in a much stronger technical position at the moment, and have yet to really challenge the March-June support line, now at 46.60. Should the Q’s break support at 46.60/50 only then will I expect to see downside acceleration through critical support at the May 24 plateau of 45.97.



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.