Potential Near-Term Double Top for Q's

The Q's (Nasdaq: QQQQ) failed to push higher than 48.51 this morning prior to pivoting to the downside into a press to 47.85 so far. Although the selling pressure does not appear to be much at this time (vacation week?), the action nonetheless leaves behind a potential near-term double top formation with last Friday's high at 48.55. The ability of the bears to keep the Qs beneath 48.00/10 will strengthen the prospect of a near-term peak and the likelihood that the post 8/04 upleg is complete.