- Technical Market Commentary -

October 13, 2010 (FinancialWire) (By Frank Kolar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — The Powershares QQQ Trust ETF (NASDAQ: QQQQ) has been in rally mode for over a month now. A critical resistance level lies just ahead.

The Q’s reached a closing high of $50.52 on April 23, 2010. Before that, the Q’s reached a closing high of $50.61, back on June 5, 2008. Then, yesterday, October 12, the Q’s closed at $50.11, which now moves the previous $50.00 critical resistance level to $52.00 for the Q’s.

That level has stopped major rallies on more than one occasion in the past. If the Q’s can break-out here and make a decisive close above that resistance, look for the rally to continue to at least $52.87 and possibly to $55.81, before additional resistance levels are reached.

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Disclosure: Frank Kollar’s Fibtimer.com (http://www.fibtimer.com/) ETF Timing Strategy has a position in the Powershares QQQ Trust ETF.

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