Red day on Wednesday for QQQ ETF after losing 0.433%

The QQQ ETF price fell by -0.433% on the last day (Wednesday, 18th Sep 2024) from $473.49 to $471.44. During the last trading day the ETF fluctuated 1.69% from a day low at $470.83 to a day high of $478.80. The price has risen in 7 of the last 10 days and is up by 2.35% over the past 2 weeks. Volume has increased on the last day by 9 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 39 million shares were bought and sold for approximately $18.46 billion.

The ETF lies the upper part of a wide and falling 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 $475.50 will firstly indicate a slower falling rate, but may be the first sign of a trend shift.Given the current short-term trend, the ETF is expected to fall -4.58% during the next 3 months and, with a 90% probability hold a price between $404.65 and $453.70 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.

There are mixed signals in the ETF today. A sell signal was issued from a pivot top point on Wednesday, August 21, 2024, and so far it has fallen -2.29%. 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 rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely. The QQQ ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. 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 $470.57 and $464.68. A breakdown below any of these levels will issue sell signals.

QQQ finds support from accumulated volume at $448.75 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 $7.97 (1.69%) between high and low. For the last week, the ETF has had daily average volatility of 1.28%.

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.