The QQQQ) rocketed nearly $0.90 (1.9%) off of this morning's pre-open low at 48.08, but stalled and reversed right just below a key near-term resistance plateau between 49 and 49.15, which if (when) hurdled should trigger a powerful upside acceleration off of the development of a 3-week base-like pattern in the aftermath of the July-August decline. Right now, this morning's low looks like the next higher pullback low in the bottoming process, which means that a break of the 48 area will impact my near-term work negatively. For now, however, as long as 48.08 contains any extreme give-back in the first-hour recovery, my near-term work remains positives and argues for consolidation between 48.50 and 49 prior to a thrust above key 3-week resistance at 49.05/15.



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.