FINANCIAL ICEBERG
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 TECHNICALS
Nasdaq 100 Index ETF QQQ: Testing Relative Major Support?
​May 16 2016 ( From TradingView, Stockcharts.com )
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​The Situation
​
​​​Financial assets like the SP100 Index (OEF ETF) had a very good 
​performance ​indeed since bottoming out on February 11 2016 as even the 
​Nasdaq 100 Index (QQQ ETF) joined the party but since April 20, they have 
​been in a slow bleed technical pattern. Trading now into a downtrend 
​channel and still below the ​200 DMA ​(Day Moving ​Average) for QQQ ETF.
​(See First Chart Below - Green Line)​

But few of us realize ​the ​under performance of the Nasdaq ​100 Index​ ​
( QQQ ETF) ​compare to the Mighty SP100 Index (OEF ETF) on a relative basis lately as we ​are in the breaking process of the Major Support Trendline that started back since November 2008. ​
​(See Second Chart Below - Red Trendline - Ellipse)
​
But the real interesting part is to acknowledge that the under performance of the QQQ ETF comes mainly from the proportion of Apple Shares within the index at 10.02% and only 4.38% for the OEF ETF.  Apple Shares have lost 15.5% since April 20 2016.
​
​The market do not favor the technology stocks over the broad stock market indices lately. As history repeat itself, we must be aware that this Support Trendline on a relative basis is the last call for Bulls for the Nasdaq 100 Index. ​(See Second Chart Below - Red Trendline - Ellipse)


​​





Nasdaq 100 Index ETF QQQ: Testing Relative Major Support?   $COMPQ  #Trading #nasdaq #investing #sp500


​Daily Chart ( Candles )
Nasdaq 100 Index ETF ( QQQ )
20 DMA ( Day Moving Average - Yellow Line )​
50 DMA ( Day Moving Average - Red Line )​​
200 DMA ( Day Moving Average - Green Line )​​​










Financialiceberg.Com


Daily RATIO 
Nasdaq 100 Index ETF ( QQQ )
over SP100 Index ETF ( OEF ) 
​20 DMA ( Day Moving Average - Yellow Line )​
50 DMA ( Day Moving Average - Red Line )​​
200 DMA ( Day Moving Average - Green Line )​



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