Drifting Toward the 200 DMA -
In our last
report, we mentioned that the 15-day moving average was setting up to cross
below the 100-day moving average. We noted that this bearish crossover could
be used as a sign that the short-term direction of the QQQQ will remain
downward. As you can see from the chart below, Friday's failed move above the
15 DMA suggests that it will continue to act as a level of short-term
resistance and that we could see the QQQQ drift toward the longer-term
support of its 200-day moving average.
Senior Analyst, ChartAdvisor
Previous Chart Alerts:
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