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In our past few
reports we've mentioned how the negative divergence between the RSI indicator
and the price action has caused some traders to become cautious. As you can
see from the chart below, this story has not changed yet, as the QQQQ
continues to travel between $43.50 and $45.50. Traders looking to enter the
market may be comforted by the nearby support of the 100 DMA, which could be
a short-term catalyst that will send the QQQQ back toward the top end of its
confined range.
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Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor
Previous Chart Alerts:
ALL
QQQQ
GGG
QQQQ
BA
QQQQ
WMB
QQQQ
OIL
QQQQ
OXY
QQQQ
INTL
QQQQ
EBAY
QQQQ
BJ
ECA
GYI
GYI
GM
WMB
AMZN
P.S. -
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