In our last
report, we mentioned that traders would watch for the bears to push the QQQQ
toward the support of its 100-day moving average. The downward momentum that
started with a move below the 15-day moving average was unable to continue as
the bulls stepped in and pushed the QQQQ above the previous resistance of
$44.85. As you can see from the chart below, the index is now in an
interesting position because it is trapped beneath the resistance of a
medium-term trendline, but is trading above the newly-formed support of its
December highs. Many traders will remain sidelined until they see which one
of these barriers will be broken first.
Senior Analyst, ChartAdvisor
Previous Chart Alerts:
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