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Downtrend Broken Resist.Archive
- 9/20/2024 -
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NASDAQ 100 Trust Shares (QQQ) Technical Analysis
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| Summary:
| | | Weekly : | | Daily : 
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| | It was a second consecutive positive week for the NASDAQ 100 Trust Shares (QQQ). During the week, the QQQ gained 7.10 points, or 1.49%, and closed at 482.44 on Friday, September 20, 2024. Weekly volume was -16% below average.
 Long-term trend: [See QQQ long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 254.26 and reached 503.52 on July 10, 2024. QQQ gained -249.26 points, or -98.03%, in 90 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 433.05 and resistance is at 533.33. 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 August 5, 2024 at 423.45 and reached 486.23 on September 19, 2024. QQQ gained -62.78 points, or -14.83%, in 6 weeks. The price is now at the 6.04% retracement level.
 Weekly Technical Indicators: [See QQQ weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since July 26, 2024. 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 September 6, 2024 at 448.19 and reached 486.23 on September 19, 2024. QQQ gained -38.04 points, or -8.49%, in 13 days. The price is now at the 9.96% retracement level.
 Daily Technical Indicators: [See QQQ daily technical indicators chart]
Daily Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic or strongly overbought daily Williams' Percentage Range. Daily Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. 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 daily MACD line is above its signal line since September 12, 2024. This is an indication that the short-term trend is up.
During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. 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.
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