Chart of the day

Where do we stand fundamentally?

The Invesco QQQ ETF (NASDAQ: QQQ), which tracks the Nasdaq-100 Index, has shown steady growth, increasing by 20.3% this year, currently trading around $492.59. Over the past year, it has risen approximately 34%. Analysts have a positive outlook on the fund, with a consensus rating of "Moderate Buy," and a target price that suggests further upside potential of around 13%.

The QQQ is known for its focus on large-cap technology companies like Apple, Microsoft, and Nvidia. These tech giants are driving innovation and long-term growth in sectors like AI and cloud computing. The ETF remains a popular choice for investors seeking exposure to tech stocks without actively managing a portfolio.

QQQ is breaking above the strong uptrend resistance of 486 for an extension higher. A confirmation of this break would accelerate the upside continuation in the fifth wave higher to 520. Invalidation of this immediate upside extension could come upon a break below 480.

An invalidation level of a fifth-wave long-term extension higher and a bullish cycle continuation is 430. As said this extension higher could lead to a 520 target in the medium-term to long-term if the QQQ sustains a break above 486.

_{Try a long trade entry with a stop loss below 480 to target 520 and higher.}