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Powershares Nasdaq 100 QQQ Trust (NYSE: QQQ) In Dog Days Rally

|Includes: PowerShares QQQ Trust ETF (QQQ)

August 16, 2012 (By Frank Kollar)

The stock market may be in the dog days of summer, but shares of the ETF Powershares Nasdaq 100 QQQ Trust (NYSE: QQQ) are back at their prior April 27 rally highs.

If the QQQ Trust can make a decisive close above $67.24, it would likely lead to a test of the prior April 3 rally closing high at $68.23.

As have the rest of the major indexes, the QQQ Trust has been correcting since those April 3 highs, so a close above this level would be a breakout for the index, and would call technically for considerably higher highs ahead.

Chart Courtesy of

The potential targets for a breakout rally are at $70.81, the 127.2% retracement resistance level and then $73.74, the 161.8% retracement resistance level.

The QQQ Trust closed on Wednesday at $67.22.

The ( Stock Timing Strategy holds a position in the Powershares Nasdaq 100 QQQ Trust.

Disclosure: I am long QQQ.