Uptrend in Qs Intact

08/25/2009 9:53 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart
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Though QQQQ was a bit lower on Monday, the daily uptrend is still intact as the OBV did confirm the recent highs. The declining volume would be more of a concern if it were not the end of August. There is initial support at $38-38.50 and more important support at $34.30. The upper parallel trend line is in the $43 area.

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