- Technical Market Commentary -

April 7, 2010 (FinancialWire) (By Frank Kollar) — Shares of the ETF Powershares QQQ Trust (NASDAQ: QQQQ) reached a strong resistance level that has held gains in check since March 25. On Tuesday, April 7, the Q’s pushed above this level in a breakout rally.

The resistance level was at the bear market rally high of $48.57 reached on August 15, 2008. $48.57 turned the stock market and the Q’s lower then, but on Tuesday, April 6, the Q’s broke above and closed well above $48.57.

There remains one additional resistance level at $50.61 which was the bear market rally high reached on June 5, 2008. This was the high point reached in the most powerful bear market rally of 2008 and as such it marks another strong level of resistance.

The Q’s are now 3.8% below this final strong resistance. A close above $50.61 would be extremely bullish, pointing to a potential test of the highs reached back in 2007.

The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in the Powershares QQQ Trust.

Frank Kollar has been timing the financial markets since 1982, with online service since 1996. He is a dedicated trend timer and his strategies exited the markets before the crash in 1987 as well as the bear market in 2000 through 2002. During the 2000-2002 and 2008 bear markets, his bearish positions resulted in gains exceeding 100 percent, all achieved by trading trends.

Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.

Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.

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