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Archive
- 4/5/2024 -
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NASDAQ 100 Trust Shares (QQQ) Technical Analysis
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| Summary:
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| | It was the negative week for the NASDAQ 100 Trust Shares (QQQ). During the week, the QQQ gave back -3.54 points, or -0.80%, and closed at 440.47 on Friday, April 5, 2024. QQQ was trading at average weekly trading volume.
 Long-term trend: [See QQQ long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 254.26 and reached 449.34 on March 21, 2024. QQQ gained -195.08 points, or -76.72%, in 75 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 380.01 and resistance is at 498.78. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.
 Medium-term trend: [See QQQ medium-term trend chart]
A medium-term uptrend had started on October 26, 2023 at 342.35 and reached 449.34 on March 21, 2024. QQQ gained -106.99 points, or -31.25%, in 21 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (444.79) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.
 Weekly Technical Indicators: [See QQQ weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.
The weekly MACD line is above its signal line since November 24, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.
 Short-term trend: [See QQQ short-term trend chart]
A short-term uptrend had started on January 5, 2024 at 395.35 and reached 449.34 on March 21, 2024. QQQ gained -53.99 points, or -13.66%, in 76 days. The chart has formed a Rising Wedge chart pattern. The uptrend support line (444.66) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a short-term trend.
 Daily Technical Indicators: [See QQQ daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is below its signal line since March 4, 2024.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands (3.2%) is close to one year low (3.32%). It is 55.78% lower than one year average. It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
Price is close to the 50 Day Moving Average. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
 Candlestick pattern: [See QQQ candlestick chart pattern]
On Friday the chart has formed a Bullish Harami Candlestick pattern. A Bullish Harami indicates that the bearish trend may be reversing, it signals that it's a good time to enter into a long position. Use the Technical Stock Screener to see the list of stocks that had a Bullish Harami Candlestick pattern during the last week.
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