Consolidation or potential Correction
This chart displays the price movement of the Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 index, over a period from early 2023 to July 2024. Here's an analysis of the key points:
1. Overall Trend: The QQQ has shown a strong upward trend since early 2023, with the price rising from around $260 to over $480, representing a significant gain of about 85%.
2. Recent Performance: As of July 17, 2024, the QQQ is trading at $483.20, down 2.62% (-$13.00) on the day, indicating some recent pullback.
3. Notable Movements:
- A sharp decline of 9.08% (-$28.49) over 26 days in early 2023.
- A significant rally of 24.97% ($77.24) over 57 days in spring 2023.
- Another substantial gain of 31.25% ($106.99) over 100 days from late 2023 to early 2024.
- The largest gain shown is 21.75% ($89.79) over 55 days in the most recent period.
4. Volume: The trading volume (shown at the bottom) has generally decreased over time, with recent volume lower than in early 2023. This could indicate decreasing volatility or investor interest.
Current Outlook: The most recent price action shows a slight downturn after reaching new highs, which could be a short-term correction or the beginning of a larger pullback.
This analysis suggests that while the QQQ has performed exceptionally well over the past year and a half, it may be entering a period of consolidation or potential correction. Investors should monitor for continued support at current levels or signs of further decline.
1. Overall Trend: The QQQ has shown a strong upward trend since early 2023, with the price rising from around $260 to over $480, representing a significant gain of about 85%.
2. Recent Performance: As of July 17, 2024, the QQQ is trading at $483.20, down 2.62% (-$13.00) on the day, indicating some recent pullback.
3. Notable Movements:
- A sharp decline of 9.08% (-$28.49) over 26 days in early 2023.
- A significant rally of 24.97% ($77.24) over 57 days in spring 2023.
- Another substantial gain of 31.25% ($106.99) over 100 days from late 2023 to early 2024.
- The largest gain shown is 21.75% ($89.79) over 55 days in the most recent period.
4. Volume: The trading volume (shown at the bottom) has generally decreased over time, with recent volume lower than in early 2023. This could indicate decreasing volatility or investor interest.
Current Outlook: The most recent price action shows a slight downturn after reaching new highs, which could be a short-term correction or the beginning of a larger pullback.
This analysis suggests that while the QQQ has performed exceptionally well over the past year and a half, it may be entering a period of consolidation or potential correction. Investors should monitor for continued support at current levels or signs of further decline.
All the information you need to make an informed decision for free in the next 3 weeks: docs.google.com/spreadsheets/d/11cFXkX6bPFslJzkQxtLJKDNWZQhpaBvuoZvDiFonZuc/edit?usp=sharing
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