FINANCIAL ICEBERG
Always consider hidden risks
​
 TECHNICALS
Nasdaq 100 Index ETF QQQ: Testing Major Resistance?
​June 02 2016 ( From TradingView, Stockcharts.com )
If you would like to receive our free daily markets updates, please Sign-Up







​The Situation
​
​​​Financial assets like the SP500 Index (SPY 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 and since May 19, they have 
​been into another upwave technical pattern. Trading now into an uptrend 
​channel and still above the ​200 DMA ​(Day Moving ​Average) for QQQ ETF.
​(See First Chart Below - Green Line)​

QQQ ETF is now testing a Major Resistance Trendline that started back 
​since December 12 2015  (See First Chart Below - Top Red Trendline - Ellipse) 
​and into a low volume environment.​

​​But few of us realize ​the ​outperformance of the Nasdaq ​100 Index​ ​
( QQQ ETF) ​compare to the Mighty SP500 Index (SPY ETF) on a relative basis lately as we ​are in the breaking process of the Minor Resistance Trendline from a Downward Channel that started back since December 2016. ​
​(See Second Chart Below - Channel - Ellipse)
​
But the real interesting part is to acknowledge that the out performance of the QQQ ETF comes mainly from the proportion of Apple Shares within the index at 10.50% and only 3.03% for the SPY ETF.  Apple Shares have lgained 8.9% since May 12 2016.
​
​The market still favor the technology stocks over the broad stock market indices lately. As history repeat itself, we must be aware that this ResistanceTrendline on a relative basis is the last call for Bears for the Nasdaq 100 Index. ​(See Second Chart Below - Red Trendline - Ellipse)


​​





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


​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 SP500 Index ETF ( SPY ) 
​20 DMA ( Day Moving Average - Yellow Line )​
50 DMA ( Day Moving Average - Red Line )​​
200 DMA ( Day Moving Average - Green Line )​



Financialiceberg.Com