Unfinished Business to the Upside?
Three and a half hours after the opening bell, and the Nasdaq 100 Index Tracking Stock (QQQQ) remains stubbornly suspended right near Friday's highs amidst a very quiet market that exhibits no selling pressure (and not much more buying power). Nonetheless, after six consecutive up-days, the Qs act as though they have unfinished business on the upside.
Right now, my hourly work points to a pop above Friday's high at 40.45 into marginal new high territory at 40.55/60 prior to the next likely area to expect a downside pivot reversal and initiation of a corrective period. At this juncture, a decline that breaks 40.00 is needed to trigger downside follow-through to 39.20/00 initially.
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