Another shocker: QQQ vaulted like a flea on a hotplate to within 4 cents of the 369.02 Hidden Pivot we used last week as a minimum upside objective. The stall there raises the same theoretical question that I asked in relation to a similarly precarious finish for the E-Mini S&Ps: Could this have been the last gasp of the biggest bull market ever? The obvious answer: Naaahhhh! So where to next? The ‘reverse’ pattern shown in the chart implies to at least 373.13, and I judge this to be all but certain given the way the Cubes gapped through the 361.73 midpoint Hidden Pivot on Thursday. For the record, however, a 381.00 target corresponds to the one I’ve given for the E-Mini S&Ps and rated as highly likely to be achieved. The starting point for both patterns is a distinctive low recorded on July 19. Please note that a surprise plunge to p=361.73, or more favorably to 356.02, would trigger ‘mechanical’ buy signals with appropriate stops.
$QQQ – Nasdaq ETF (Last:368.99)