themarketzone

Latest rally reached critical level

NASDAQ:QQQ   POWERSHARES QQQ TRUST
Does the $QQQ latest rally makes sense?
We are technicians so we don't care about market's rationality.. but coming into tomorrow's FOMC meeting near critical it is important to know the story behind the price action.
Read my latest blog post regarding latest indexes price action
http://marketzone.tumblr.com/post/101211479225/the-market-is-lining-up-for-the-fomc

If the $QQQ will stay below current resistance zone by the end of this week, we could see another strong selling action within the coming weeks.
A blow off top is possible post FOMC before move back down to fill gaps at least then reassess.. Key Stocks in the index FB TWTR AMZN TSLA are breaking down
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