here’s the updated 120 minute QQQ chart along with the last one posted on friday.  as you can see, we gapped down from the bearish pennant (also on the SPY) on monday and prices moved back up to made a re-test of the pattern from below where they turned back down and found support on that key uptrend line.  watching that line closely as once/if prices break below it, the next wave of selling will likely be ushered in.  with today being wednesday, barring any negative economic news between now & friday, the market could possible hold up until the FacePlant IPO (yes, my thoughts are that IPO will fall flat on it’s “face” and if so, that could be a major psychological blow to the market).  however, even if FB holds up or closes up big on friday, which is common with most hot IPO’s, the true test will be to see what the follow-thru buying (or selling) looks like over the next couple of weeks.  i will also be curious to see if FB acts like a vacuum, sucking $$ out of AAPL as both stocks probably attract the same type of retail buyers.  60 min QQQ follows the 120 min charts below to give a zoom-in of the recent technical action.