Red day on Tuesday for QQQ ETF after losing 0.143%

The QQQ ETF price fell by -0.143% on the last day (Tuesday, 22nd Aug 2023) from $363.90 to $363.38. During the last trading day the ETF fluctuated 1.07% from a day low at $362.68 to a day high of $366.55. The price has fallen in 7 of the last 10 days and is down by -2.32% for this period. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -7 million shares and in total, 42 million shares were bought and sold for approximately $15.39 billion.

The ETF lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $356.62 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the ETF is expected to rise 6.85% during the next 3 months and, with a 90% probability hold a price between $381.04 and $423.09 at the end of this 3-month period.

There are mixed signals in the ETF today. The QQQ ETF holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at $372.81. On a fall, the ETF will find some support from the short-term average at $363.33. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Tuesday, July 18, 2023, and so far it has fallen -5.80%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

QQQ finds support from accumulated volume at $362.54 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $3.87 (1.07%) between high and low. For the last week, the ETF has had daily average volatility of 1.40%.

QQQ holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF.