QQQ poked its rapacious snout just above a compelling Hidden Pivot resistance at 337.10 last week, then rolled down with somewhat more conviction than the Dow. It ended the week toward the lows, leaving the possibility of a hung jury when the new week begins. We’ll reserve judgment for now, but if short-covering should shred the resistance and leave it behind, I’d have to grudgingly concede that the 352.09 secondary pivot shown in this chart is in play as a minimum upside objective. Another interesting aspect of the chart is that QQQ would trip an enticing ‘mechanical’ buy if it were to plunge 12% to the green line at 290.77. ______ UPDATE (Feb 25, 5:53 p.m.): It’s been a long time since a week ended with a crushing decline, but perhaps this will be the one patient bears can celebrate. The fact that the selloff begun ten days ago from a high 1.09 points above our longstanding target at 337.10 at least makes it interesting.
