Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Stocks

Can QQQ Prove the Bears Wrong?

by January 27, 2023
January 27, 2023
Can QQQ Prove the Bears Wrong?

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.

—————————————

0
FacebookTwitterGoogle +Pinterest
previous post
Fintech Payrow Offers Tools for Financial Management and Payments to UK Startups
next post
8 Habits to Quickly Learn to Improve Your Poker Hands

You may also like

DP Trading Room: Spotlight on Mega-Cap Earnings

July 29, 2024

How to Spot a Market Rebound Before Everyone...

March 12, 2025

Stay Ahead of the Stock Market: Key Bond...

April 18, 2025

There Remain A Lot Of Mixed Signals, But...

February 17, 2024

You Need To Look Beyond The Length of...

December 8, 2022

How Markets Really Work

February 1, 2023

Your Brain Before, During and After a Trade

September 7, 2022

A Soft Inflation Number Sends Stock Markets Soaring

November 10, 2022

DP Trading Room: Home Affordability Down 50%!

September 19, 2022

Markets are Shifting; Should Your Trading Strategy Shift...

November 1, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved