Micro Cap Stock News Hubb
Advertisement Banner
  • Home
  • News
  • Stocks & Capital News
  • Contact
No Result
View All Result
  • Home
  • News
  • Stocks & Capital News
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home News

Can QQQ Prove the Bears Wrong? | Art’s Charts

admin by admin
January 27, 2023
in News


Last week I featured the S&P 500 SPDR (SPY) with a clear resistance level to beat. Even though the 2022 decline could be a correction after a big advance, the ETF is short of a breakout and trend reversal. The Nasdaq 100 ETF (QQQ) also has a clear level to beat and is challenging resistance.  

The chart below shows QQQ surging some 140% and then retracing around 61.8% of this advance. This is basically two big steps forward and one step backward. This step backward, however, has yet to reverse and the long-term trend remains down.

QQQ found support twice in the 258 area in early November and late December (green lines). These two equal lows form a potential double bottom and a break above the intermittent high would confirm the pattern. QQQ is challenging the December high as I write and a breakout at 300 would confirm the double bottom.  

The indicator window shows the Trend Composite turning negative in late January and remaining negative, which means the downtrend is in force. In addition to a confirmed double bottom, I would like to see the Trend Composite turn positive before turning bullish on QQQ. The Trend Composite aggregates signals in five trend-following indicators and it is at -5 right now, which means all five have bearish signals.

TrendInvestorPro uses the Trend Composite as part of a trend-momentum strategy for trading a basket of ETFs, the All Weather List. This strategy is explained in a ten part series that includes backtest results and a signal table. Click here for immediate access.

The Trend Composite, Momentum Composite, ATR Trailing Stop and eight other indicators are part of the TrendInvestorPro Indicator Edge Plugin for StockCharts ACP. Click here to learn more and take your analysis process to the next level.

—————————————

Arthur Hill

About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.

Learn More

Subscribe to Art’s Charts to be notified whenever a new post is added to this blog!



Source link

Tags: chartsetfsfinancial chartsinvestingpoint and figurerelative rotation graphrrgseasonalitysharpchartsstockstechnical analysisyield curve
Previous Post

Sitting on Cash? These 2 Stocks Are Great Buys

Next Post

LASSO_EA: +1000% per year! – Statistics – 27 January 2023

Next Post

LASSO_EA: +1000% per year! - Statistics - 27 January 2023

Recommended

Stock Market Fallout: How To Tweak Your Investment Strategy | ChartWatchers

2 weeks ago

2 Stocks to Double Up on While They’re Insanely Cheap

5 months ago

© 2022 Micro Cap Stocks News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Stocks & Capital News
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Stocks & Capital News
  • Contact

© 2022 Micro Cap Stock News Hubb All rights reserved.