Green day on Wednesday for QQQ

The QQQ ETF price gained 1.24% on the last trading day (Wednesday, 4th Dec 2024), rising from $516.87 to $523.26. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 0.749% from a day low at $519.62 to a day high of $523.51. The price has risen in 8 of the last 10 days and is up by 3.93% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 8 million more shares were traded than the day before. In total, 24 million shares were bought and sold for approximately $12.56 billion.

The ETF lies in the upper part of a weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $526.88 will firstly indicate a stronger rate of rising.Given the current short-term trend, the ETF is expected to rise 9.84% during the next 3 months and, with a 90% probability hold a price between $543.87 and $578.72 at the end of this 3-month period.

The QQQ ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the ETF. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $512.34 and $501.91. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, November 15, 2024, and so far it has risen 5.37%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

On the downside, the ETF finds support just below today's level from accumulated volume at $483.36 and $468.62.There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, QQQ finds support just below today's level at $483.36. If this is broken, then the next support from accumulated volume will be at $468.62 and $448.69.

In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this ETF. During the last day, the ETF moved $3.89 between high and low, or 0.749%. For the last week the ETF has had daily average volatility of 0.96%.

QQQ holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.