QQQ dominated by bulls lifting the market higher throughout the day


PowerShares QQQ ETF (QQQ) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

QQQ dominated by bulls lifting the market higher throughout the day
QQQ closes higher for the 2nd day in a row
QQQ pushes through Monday's high

Overview

Moving higher for the 2nd day in a row, QQQ finished the month 6.1% higher at 247.60 after gaining $4.76 (1.96%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 242.85, the market confirmed its breakout through the prior session high after trading up to $5.31 above it intraday.

Daily Candlestick Chart (QQQ as at Jun 30, 2020):

Daily technical analysis candlestick chart for PowerShares QQQ ETF (QQQ) as at Jun 30, 2020

Tuesday's trading range has been $5.58 (2.3%), that's slightly above the last trading month's daily average range of $4.96. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for QQQ.

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

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying might accelerate should prices move above the close-by swing high at 251.15 where further buy stops could get triggered.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for QQQ. Out of 326 times, QQQ closed higher 60.43% 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 64.72% with an average market move of 0.62%.


Market Conditions for QQQ as at Jun 30, 2020

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