Not sure about the PowerShares QQQ Trust? This may help. Maybe.

I decided to take a blank chart of the $QQQ and create several different perspectives. A few of them provide a clear look while others just muddy things up even more. Let’s start with the blank chart first, no trend lines or support/resistance lines:

QQQ_BWhat we have here is the 50 & 200 Simple Moving Averages, Volume, RSI, and the MACD. The price decline with rising volume is worth noting. Now let’s do some crayon work:

QQQ_Horz_Supp

I like this chart above the best as it shows a clean B/O (breakout) back-test, albeit back under the 50 SMA. You may not notice this but there are not many hollow Red candles on this chart.

QQQ_diamond

QQQ_TL
QQQ_Rising_Wedge

So is the test at the 200 SMA below in the cards? What is your take? Comments welcome.

3 thoughts on “Not sure about the PowerShares QQQ Trust? This may help. Maybe.

  1. I like the first chart as well and had a similar TL support/resistance line drawn using daily close. It certainly looked bullish in real time, it felt like the suspense of the market in recent days was exhausted here but who’s in control now… Im still in the camp that we have higher highs to make but the stock action could have changed from shake you out to wear you out if we don’t regain 67.85. We’ll see. Thanks.

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