QQQ: Taking the Lead Higher
For detailed commentary and discussion, please refer to our blog post published on 7/23/14: syncubate.com/blog/2014/7/23/qqq-taking-the-lead-higher
The bald eagle can fly, but US markets seem to put it to shame, flying even higher, with QQQ taking the lead. A National Symbol change may be in order here, but I digress.
Since the mid-April lows just below $84, QQQ is now up over $14. Quite a run, no doubt.
Notably, the 50 Day MA is approaching the late June $93 congestion zone on the chart.
Despite the continued rise in QQQ, the ADX is pointing down, so what we're really seeing here is a market trapped in a range trade on the daily time frame, with the bulk of the recent trending move higher behind us for now.
The bald eagle can fly, but US markets seem to put it to shame, flying even higher, with QQQ taking the lead. A National Symbol change may be in order here, but I digress.
Since the mid-April lows just below $84, QQQ is now up over $14. Quite a run, no doubt.
Notably, the 50 Day MA is approaching the late June $93 congestion zone on the chart.
Despite the continued rise in QQQ, the ADX is pointing down, so what we're really seeing here is a market trapped in a range trade on the daily time frame, with the bulk of the recent trending move higher behind us for now.
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