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Actionable news in QQQ: PowerShares QQQ Trust, Series 1,

IWM Wedge Breakout + QQQ Update

IWM broke out of the 60-min bullish falling wedge posted yesterday (first chart below), popping right up to & slightly exceeding the first target of 147.43 so far. Should IWM pullback from here, printing a 60-minute close back on or below 147.43, that would most likely entail QQQ moving back down to or below the 153.85 R level soon whereas a break & 60-min close above 147.43 would open the door for a move to the next target at 148.37, with QQQ rallying to challenge the previous highs.

IWM 60-min Nov 15th
IWM 60-min Nov 16th

Watching to see if QQQ can hold above 153.85 today. Any challenge of the previous (Nov 8th) highs will most likely result in a slight pop above that level, extending the negative divergences that are currently in place before they begin to manifest in the form of a lasting trend reversal (correction).

QQQ 60-min Nov 16th

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