Despite the acutely negative earnings reactions in some big-cap technology names Thursday evening, the PowerShares QQQ Trust (Nasdaq: QQQQ) showed incredible resilience and relative strength throughout Friday's session.

Let's notice that including Friday's early weakness, the price structure of the entire upmove from the July 8 low at 34.30 exhibits a series of higher-highs and higher-lows. The most recent pullbac pivot low Friday morning at 38.70 appears to have completed a minor correction within the still dominant uptrend, which has resumed and is poised to thrust to new high ground.

My next upside projection is above 40.00, and only a decline that breaks 38.70 will begin to inflict initial technical damage.