Ultra QQQ ProShares  (QLD) Trade Now »     Rate QLD  -  Discuss QLD  -  Add to Watch List        

The Proshares Ultra QQQ ETF has rallied 25.1% from its lows of 19.46 on March 10, 2009.  It closed today at 24.34.  I would expect to see this move reach resistance at around 26.5 on this etf.  This move would be another 8.9% on the upside. 

There is still a good chance that we will see either a 50% retracement of the move off the lows or a retest of the lows set on March 10, 2009.   I would prefer to see one more retest of the lows.  If that retest were to happen we would then see a better opportunity to go back to the January highs of 30.45 on this ETF. 

As we noted on August 6th, all of our market indicators are like a 3rd base coach waving us home for the game winning run. Friday’s rally only made his arms wave faster, but obviously our indicators can’t account for ex- KGB agents who are out to prove a point.

Our market leadership model has stayed in the green and our momentum model is one decent up day away from turning bullish. The combination of both indicators producing buy signals usually means the indexes are going higher. If we finish up today, we recommend opening up positions in QQQ or for twice the bang of the NASDAQ 100 with ProShares Ultra QQQ (QLD).

S&P 500 Technical Analysis:

Please find our reading of the technicals of this chart and many, many others at our public listing at stockcharts.com. You may use the following link to access the same:

http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1676634

Regards,

Purely Technical aka TheMarketMessenger ...