Don't Ignore This Chart!

QQQ Turns Back At November Trendline

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The Nasdaq 100 ETF (QQQ) is hitting resistance from the November trendline and a key retracement. Notice that the ETF turned back at the 62% retracement with Wednesday's decline. A lower high could be taking shape as buying pressure dries up below the early December high. 

111227qqq
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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.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
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