Bullish Pattern in QQQQ
The upmove off of yesterday's low at 41.50 exhibits bullish form on my micro charts, which indicates to me that after this pullback is complete the Qs should enter another potent upmove that will propel prices above the prior rally peaks at 42.49 and 42.76. At this juncture, only a decline that breaks yesterday's low at 41.50 will compromise my current outlook.
For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his new MPTrader Trading Diary -- a combination of his diary services.