QQQ closes below its opening price unable to hold early session gains


PowerShares QQQ ETF (QQQ) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
QQQ closes below its opening price unable to hold early session gains
QQQ runs into sellers again around 169.61
QQQ closes within previous day's range
QQQ ends the day indecisive
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

QQQ ended Thursday at 168.33 losing $0.65 (-0.38%). Trading $1.21 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for QQQ
Volatility

Thursday's trading range was $2.10 (1.25%), that's slightly below last trading month's daily average range of $2.43. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. After moving higher in the previous session, the ETF closed lower but above the prior day's open today, forming a bearish Harami Candle.

Support/Resistance

After having been unable to move above 169.37 in the previous session, QQQ ran into sellers again around the same price level today, failing to move higher than 169.61.

Trend

The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 170.82 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 166.98 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for PowerShares QQQ ETF
Condition Forecast Direction Win Avg Worst Best Events
In-Neck Pattern TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Close to Swing High TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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