themarketzone

Potential bullish bat to monitor near the 200 SMA line

NASDAQ:QQQ   POWERSHARES QQQ TRUST, SERIES 1
Just like the $SPY, $QQQ also managed to hold above major daily SMA line (50) but below major structure (read SPY's analysis in link below).
If the 111$ zone will act as resistance, it could push price lower towards a bullish pattern completion, near 107$ and the daily 200 SMA line
A close below the 50 SMA line will be a nice confirmation signal that the price indeed intends to reach lower.

This analysis is part of this week's Weekly Markets Analysis newsletters - http://goo.gl/AGTYS1

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