We have updated our privacy policy and terms & conditions. Find out more here.
3
 

QQQ Challenges Support

By Stock MarketsJan 08, 2013 06:00AM GMT Add a Comment
 
AA
+
-
QQQ and tech are moving the opposite way to SPY and other stocks. Instead of moving upwards creating new highs, QQQ has been moving downwards after breaking out after the Fiscal Cliff deal. Now QQQ is testing key support at 66.47, which has been support for the last week and the lows which QQQ bounced off.

There should be concern if the QQQ moves below this level as there is little to no support below this level. The next support level would be 65.91 and below this the support is 65.16. If QQQ breaks below this level there is a chance that the entire gap from the Fiscal Cliff could be filled.

If QQQ bounces here which is unlikely, it would need to move another 1% and get above the 67.34 which may be difficult. Beyond that the 67.83 level would act as resistance for the market.
QQQ 1
QQQ 1

QQQ is still flashing overbought as well, which means a drop below that support would help work this condition off.
QQQ 2
QQQ 2
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add a Comment

 

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

EUR/USD
 
 
 
Are you sure you want to delete this chart?
 
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg