Don't Ignore This Chart!

QQQ Forms Spinning Top Candlestick with Breakout

 | 

The Nasdaq 100 ETF (QQQ) broke above resistance from the July highs and remains in an uptrend, but a spinning top formed on Friday. These candlesticks show indecision and the prior two foreshadowed pullbacks within the uptrend.

120806qqqdd
Click this image for a live chart. 

Arthur Hill
About the author: , 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
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus