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AI Analysis of QQQ
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Evaluation of QQQ ETF downgraded after the last trading session.
(Updated on Mar 04, 2024)

Buy or Hold candidate since Jan 05, 2024 Gain 11.91% PDF
The QQQ ETF price fell by -0.357% on the last day (Monday, 4th Mar 2024) from $445.61 to $444.02. During the last trading day the ETF fluctuated 0.512% from a day low at $443.77 to a day high of $446.04. The price has fallen in 6 of the last 10 days but is still up by 3.12% over the past 2 weeks. 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 -8 million shares and in total, 34 million shares were bought and sold for approximately $15.02 billion.

The ETF lies in the upper part of a narrow and strong 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 $446.43 will firstly indicate a stronger rate of rising. Given the current short-term trend, the ETF is expected to rise 12.33% during the next 3 months and, with a 90% probability hold a price between $481.45 and $501.47 at the end of this 3-month period.

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QQQ Signals & Forecast

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 $439.26 and $428.25. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, March 01, 2024, and so far it has fallen -0.357%. 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.

Support, Risk & Stop-loss for QQQ ETF

QQQ finds support from accumulated volume at $428.55 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $2.27 between high and low, or 0.512%. For the last week the ETF has had daily average volatility of 0.89%.

Our recommended stop-loss: $426.46 (-3.96%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (QQQ) For The Upcoming Trading Day Of Tuesday 5th

For the upcoming trading day on Tuesday, 5th we expect Invesco QQQ Trust to open at $444.61, and during the day (based on 14 day Average True Range), to move between $438.82 and $449.22, which gives a possible trading interval of +/-$5.20 (+/-1.17%) up or down from last closing price. If Invesco QQQ Trust takes out the full calculated possible swing range there will be an estimated 2.34% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $445.61 (0.36%) than the support at $428.55 (3.48%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Invesco QQQ Trust ETF A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for QQQ ETF to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Strong Buy to a Buy candidate.

Current score: 1.932 Buy Candidate Downgraded

Predicted Opening Price for Invesco QQQ Trust of Tuesday, March 5, 2024

Fair opening price March 5, 2024 Current price
$444.61 ( 0.133%) $444.02

The predicted opening price is based on yesterday's movements between high, low, and closing price.

News Digest

Fibonacci Support & Resistance Levels

Level Price
Resistance R3 446.88 0.644 %
R2 446.01 0.449 %
R1 445.48 0.328 %
Current price: 444.02
Support S1 443.74 -0.0624 %
S2 443.21 -0.183 %
S3 442.34 -0.378 %

Accumulated Volume Support & Resistance Levels

Level Price
Resistance R3 0 .
R2 0 .
R1 445.61 0.358 %
Current price 444.02
Support S1 428.55 -3.48%
S2 421.18 -5.14%
S3 409.52 -7.77%

FAQ

What is the symbol for QQQ ETF and on which exchange is it traded?
The symbol for QQQ is QQQ and it is traded on the NASDAQ (NASDAQ Stock Exchange).

Should I buy or sell QQQ ETF?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for QQQ ETF to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Strong Buy to a Buy candidate.

How to buy QQQ ETF?
QQQ ETF can be purchased through just about any brokerage firm, including online brokerage services.
Click here for our free guide on how to buy QQQ ETF.

What's the current price of QQQ ETF?
As of the end of day on the 2024-03-04, the price of an QQQ (QQQ) share was $444.02.

What is the 52-week high and low for QQQ ETF?
The 52-week high for QQQ ETF is $446.57 and the 52-week low is $285.19.

What is the market capitalization of QQQ ETF?
As of the 2024-03-04, the market capitalization of QQQ is 175.169B.

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About Invesco QQQ Trust

The investment seeks investment results that generally correspond to the price and yield performance of the index. To maintain the correspondence between the composition and weights of the securities in the trust (the "securities") and the stocks in the Nasdaq-100 Index®, the adviser adjusts the securities from time to time to conform to periodic changes in the identity and/or relative weights of index securities. The composition and weighti... QQQ Profile

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