The Proshares Ultra QQQ ETF has rallied 25.1% from its lows of 19.46 on March 10, 2009. It closed today at 24.34. I would expect to see this move reach resistance at around 26.5 on this etf. This move would be another 8.9% on the upside.
There is still a good chance that we will see either a 50% retracement of the move off the lows or a retest of the lows set on March 10, 2009. I would prefer to see one more retest of the lows. If that retest were to happen we would then see a better opportunity to go back to the January highs of 30.45 on this ETF.
It's hard to say how far down we go once this rally falters but it will offer a tremendous buying opportunity when we bottom.
$24.04 (02/23/09)
