skktrader

QQQ as of Dec 16, 2020

Long
NASDAQ:QQQ   Invesco QQQ Trust, Series 1
Analyzing QQQ over time.
Comment: Comment: QQQ has established new top and bottom resistances. All-time high established on Dec. 08 represents the top resistance (tested twice). Post-whale top resistance starting on Nov. 9 (tested twice, third time breakthrough) now represents bottom resistance.

Market is awaiting approval of fiscal stimulus and is currently supported by the initiation of the vaccine rollout and the FED to extend ongoing bond purchases:

1. Fed to extend debt purchases to boost flagging US economy - Financial Times
https://www.ft.com/content/74b6530e-9d69...

2. Congress closes in on a $900 billion Covid relief deal as Americans await aid - CNBC
https://www.cnbc.com/2020/12/16/coronavi...

Near-term prediction: QQQ may push through Dec. 8 top resistance and hold to establish new top resistance or channel through top and bottom resistances for the next couple of months.