Nasdaq 100 (QQQ)
By Tue, Mar 8, 2022
Hey,
The year started rough for the Nasdaq — and all domestic markets for that matter.
But, while war in Europe and sanctions dominate the headlines, the US tech sector has quietly started gaining momentum, and now is on the verge of tipping over into a bull run.
The key marker? 350.
As long as QQQ (the Invesco fund that tracks the performance of the Nasdaq 100) stays below 350, stay away.
But as soon as it breaks out above 350, I see it quickly heading up to its next resistance level, at 400.
Good for ~14% in a very short period of time.
Keep your eye on QQQ — and as soon as it hits 350, pounce.
Til next week, good trading,
JC Parets
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About the Author
JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.
