Chart of the day

Where do we stand fundamentally?

QQQ ETF tracks NASDAQ Index performance and it has been in the steady uptrend as the stock markets and tech companies are in their bullish phase. As the Semicondutors are recovering from a recent sell off and more tech companies are breaking important resistance levels I continue to expect bullish continuation.

QQQ is bouncing from a 415 support for a swing higher in the fifth wave. A support for this move is 448 now.

An invalidation level of a third wave long-term extension higher and a bullish cycle is 370 which means we are in a deep bull phase. As said this extension higher could lead to 540 target in the medium-term to long-term if we get a confirmed break above 485.

_{Try a long trade entry with a stop loss below 460 to target 520 and higher.}