NASDAQ:QQQ POWERSHARES QQQ TRUST
The Q's are now about 40 cents away from breaking out of the price channel. Even if this should happen on Thursday, Q's would need another day above the price channel to confirm the break out and if they're able to do that then the price channel becomes a large flag and flags historically offer some good buying opportunities, IMHO. But it's important to keep in mind that there are a lot of people trapped in positions all the way up to 91 and while they'll breathe a little easier as the Q's work their way back to that level they will take the first sign of weakness as an opportunity to sell out of fear they might have to sit through another extended pull back.
In order for the Q's to regain their previous role, you don't want to see AAPL roll over. During this pull back in the $NDX, AAPL held up well and didn't contribute much to the decline so now you don't want to see it do something like a gap fill back to around $535. As long as something like that doesn't happen, then Q's should be good to go, or famous last words.