June 30, 2010
Shares of the ETF Powershares QQQ Trust (NASDAQ: QQQQ) have closed below important support levels in trading on Tuesday, June 29.
Since the mini-crash back in early May, the Q’s have had three intra-day lows that reached the $43.50 level. All of these lows were followed by rising prices during the week following that low.
On Tuesday, June 29, the Q’s reached intra-day lows at $43.07 and closed at $43.37.
This is a violation of two months worth of intra-day lows and will likely result in even lower lows in coming days and weeks.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in the Powershares QQQ Trust.
Disclosure: The Fibtimer.com (www.fibtimer.com) ETF Timing Strategy holds a position in the Powershares QQQ Trust.