In our last
report, we mentioned that some traders looking to enter the market may have
been comforted by the nearby support of the 100 DMA and that this could prove
to be the catalyst that would send the QQQQ back toward the top end of its
confined range. As you can see from the chart, the past week was dominated by
the bulls as they sent the QQQQ back toward its January highs of $45.50. It
will be interesting to see whether the bulls will be able to push the index
above this resistance and end the period of consolidation, or if the bears
will extend Friday's loss and send the QQQQ back toward its 100-day moving
Senior Analyst, ChartAdvisor
Previous Chart Alerts:
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