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PowerShares QQQ Trust Ser 1 (QQQ)”On a long-term technical basis, the stock (QQQ) is trading above its 200-day moving average which implies it is in a positive trend. However, the stock has recently broken through an important trendline at 186.90 suggesting the next support level is at 180.37. This weakness suggests the long-term trend is turning neutral.
The stock has support at 180.37 and 170.31. If the stock breaks down through support at 180.37 then it will probably continue lower to 170.31. The stock will meet resistance at 186.90 and 246.43. If the stock breaks up through resistance at 186.90 then it will probably continue higher to 246.43. The 200-day moving average is at 180.37. This will also act as support. The stock is neutral according to the Stochastic Indicator (36.62).”
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