There is no denying the uptrend in QQQQ over the last few months. Even with the pullback over the last two weeks, QQQQ is within spitting distance of its 2009 high. Moreover, this pullback looks like a falling flag, which is a bullish consolidation. A break above flag resistance would fill Friday's gap and signal a continuation of the early November surge.
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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