QQQ: Taking the Lead Higher

For detailed commentary and discussion, please refer to our blog post published on 7/23/14:

The bald eagle can fly, but US markets seem to put it to shame, flying even higher, with QQQ             taking the lead. A National Symbol change may be in order here, but I digress.

Since the mid-April lows just below $84, QQQ             is now up over $14. Quite a run, no doubt.

Notably, the 50 Day MA is approaching the late June $93 congestion zone on the chart.

Despite the continued rise in QQQ             , the ADX is pointing down, so what we're really seeing here is a market trapped in a range trade on the daily time frame, with the bulk of the recent trending move higher behind us for now.
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