QQQ rebounded after testing the key support level
(83.68/83.37/83.28 area), near the 200 day moving average. Volume has been
supportive as up volumes were higher than down volumes. MACD shows positive
momentum below the zero line. However, the rebound seems to be corrective so
far. A break above the 88.21 level and the 50 day MA at 88.40 is needed to
defer and signal further strength towards 89.68 and higher.
A breakdown below the 4-month support line (yellow) would
complete a head-and-shoulders top.
$RUT daily chart looks similar to QQQ.
DIA (DJIA ETF) looks the best out of the three. It should break
above the 166.51/166.06 record high area quickly and decisively to negate a
double top/triple top scenario.
If DJIA breaks out to new highs, then nasdaq and $RUT would
follow, negating the bearish topping scenario.
No comments:
Post a Comment