QQQ Invesco Trust Series I ETF - Near Term Trade Opportunity

29 Okt 2022

QQQ Invesco Trust Series I ETF Nasdaq

Near-Term Trade Opportunity

One of the major Large-cap Growth ETFs, QQQ is about to complete a bullish pattern.

October 27th: Nasdaq.com “Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Invesco QQQ (Symbol: QQQ) where we have detected an approximate $2.3 billion dollar outflow — that’s a 1.5% decrease week over week (from 550,650,000 to 542,300,000). Among the largest underlying components of QQQ, in trading today Texas Instruments Inc. (Symbol: TXN) is up about 0.3%, Comcast Corp (Symbol: CMCSA) is up about 7.9%, and Qualcomm Inc (Symbol: QCOM) is higher by about 1%. ”

However, following the day of the previous decline, we saw a recovery.

QQQ ETF closed the week at 282.- USD.

Daily Chart:

Cycle Sniper is about to cross over 0, price is testing the CS Beta Bands 100 Period.

However, on the H4 chart timeframe, Cycle Sniper is showing a sign of bearish correction first. CS Beta Band 200 P stays at the resistance.

We can follow a potential Inverse SHS pattern near term to test the falling trendline.

Our trade idea is:

Buy closing above 292 ( Unless it does not break down to 250 ). Our targets will be 303 and 330.