The strength of the current rally can be seen with QQQQ and the Ichimoku cloud indicator, which marks a support zone. Notice how QQQQ bounced near the top of the cloud in July and in the middle of the cloud in early November. Cloud support is currently in the 42.5-43 area.
Click this chart for details
Click this chart for details
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.
Learn More
