NASDAQ:QQQ POWERSHARES QQQ TRUST
With the close of the day on Friday (3/21/14) being a strong engulfing candle and a Head & Shoulder pattern being recognized I believe we could see a pullback to around $86.45 area. This move is based off of the neckline being around $89 and the top of the head being around $91.20 (difference of $2.20). If this move plays out like a traditional H & S pattern suggests, with a short entry around $88.65 we could see move down to around $86.45. If this doesn't play out we have a stop around the 50% retracement of the large candle on Friday.