The QQQ has seen massive buy interest in the last three trading days. The two areas seeing the most money flow are biotechnology and key stocks like Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB) and Netflix (NASDAQ:NFLX), basically the FANG names. As a pro, my eye jumps right to the high on the QQQ. $146 was the previous high made on July 27. When that high was made, we saw a massive reversal. We tested it again on Thursday.
The Big Question
Will we soon see a close above that high? Why is that significant? On a technical basis it will erase that bearish reversal day from July 27. If the QQQ closes above that level, it becomes a bullish chart with likely further upside. However, if the Nasdaq 100 fails to close above that level, the July 27 bearish reversal will retain control.
