The Q's (NASDAQ: QQQQ) appear to have finished a minor pullback off of yesterday's high at 46.01 into today's low at 45.14 and have turned up sharply after absorbing and/or shaking off the negative news about jobless claims. The fact that prices have turned up sharply AHEAD of tomorrow's Employment Report is very interesting -- and dare I suggest provocatively bullish action.

Of course, the overall pattern carved out by the Q's since late January supports a run towards 48.00, so I will not pretend to be surprised that the price structure is climbing on a day before an important data point that usually is dull and uneventful. Be that as it may, as long as today's low remains intact at 45.14, my work will argue that a new upleg is in progress that points to 46.70-47.00 next on the way to 48.00.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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