Powershares QQQ Trust (NASDAQ: QQQQ) Remain Above Support Says Market Timer Frank Kollar
June 17, 2009 (FinancialWire) (By Frank Kollar)
Shares of the ETF Powershares QQQ Trust (NASDAQ: QQQQ) have declined over the past two days as profit taking has finally managed to pull the financial markets lower.
The Qs close at $34.98 on Tuesday was about 1.5% above the 50% retracement support for the May 13 through June 11 rally. Just below this level is the critical Fib 61.8% retracement support at $34.51 for the same time-frame.
These levels are likely to hold and send shares higher. If not, there is the rising 50-day moving average currently at $34.33. All three support levels are close to each other.
Multiple support levels tend to stop declines. Look for a reversal near or at these supports to launch a new leg in the three month advance in stocks.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in the Powershares QQQ Trust.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
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