QQQ breaks above 20-day moving average for the first time since February 21st

PowerShares QQQ ETF (QQQ) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team


QQQ breaks above 20-day moving average for the first time since February 21st
QQQ dominated by bulls lifting the market higher throughout the day
QQQ pushes through Wednesday's high


QQQ finished Thursday at 191.90 gaining $9.60 (5.27%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 189.51, the market confirmed its breakout through the previous session high after trading up to $3.21 above it intraday.

Daily Candlestick Chart (QQQ as at Mar 26, 2020):

Daily technical analysis candlestick chart for PowerShares QQQ ETF (QQQ) as at Mar 26, 2020

Thursday's trading range has been $9.11 (4.95%), that's slightly below the last trading month's daily average range of $10.50. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for QQQ.

One bullish candlestick pattern matches today's price action, the White Candle.

The ETF managed to close above the 20-day moving average at 191.84 for the first time since February 21st. When this moving average was crossed above the last time on February 3rd, QQQ gained 2.29% on the following trading day. Prices are trading close to the key technical resistance level at 194.48 (R1).

Although QQQ is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for QQQ. Out of 422 times, QQQ closed higher 59.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 63.51% with an average market move of 0.39%.

Market Conditions for QQQ as at Mar 26, 2020

Loading Market Conditions for QQQ (PowerShares QQQ ETF)...
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