The Nasdaq 100 ETF (QQQ) fell below 72 on Thursday, but rallied to forge a strong close and form a hammer. Also notice that volume surged to its highest in over three months. QQQ followed through with a gap and move above 73, but has yet to break flag resistance just above 73.50.
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Click this image for a live chart.
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.
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