QQQ Poised For Upside Continuation

Published 07/11/2017, 01:28 PM
Updated 07/09/2023, 06:31 AM
NDX
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QQQ
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The PowerShares QQQ Trust Series 1 (NASDAQ:QQQ) had a relatively volatile session on Tuesday, but the net result of the price action – now weakness off of its recovery rally high at 5717.75 (139.15) to 5682 (138.30) – has done little to no damage to the uptrend that has developed off of last week's (July 4 electronic) low at 5560.25 (135.80).

In fact, the series of higher highs and higher lows since July 4 remains intact and is the dominant feature of the week-long pattern in Nasdaq derivatives and ETFs.

At this juncture, only a decline that breaks and sustains beneath 5650 (137.50) will neutralize the week-long advance.

A climb above 5718 (139.20) will trigger upside projections to 5795 (141.00) next.

4-Hour PowerShares QQQ Trust

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