Important Support Test

The QQQQ touched its 20-day average and showed a small level of support there. If buyers remain as committed as they have been over the past month it could find support at this level and continue higher. Under such a scenario we would expect to see an early dip tomorrow and then a strong close. If however buyers are more exhausted we would expect to see the 20-day average support fail setting up a test of the 50-day where support, at least initially, should be strong.