Don't Ignore This Chart!

QQQ Hits Resistance at Gap Zone

The Nasdaq 100 ETF (QQQ) got a lift from Apple on Wednesday, but could not hold its early gains as sharp losses in Broadcom (BRCM) and Panera Bread (PNRA) weighed. The chart below shows QQQ gapping down last week and holding this gap the last four days. Notice that the ETF gapped down on high volume. This gap is considered short-term bearish as long as it remains unfilled.

Click this image for a live chart
Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at 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