
Next, let's look at the point and figure (P&F) chart of the QQQQ's.

Finally there's the weekly chart which I've added below. There was negative divergence going into the April-May highs, which hasn't (yet) been defeated. But the StochRSI which is a fast-moving indicator has gone positive, so that's potentially in its favor. Then again, the raw volumes show that there's been more selling than buying. Obviously that would have to reverse, in order to support a more bullish outlook. MACD hit the zero midline, along with its indicator showing it's at a decision level testing support.... just as the QQQQ price actually had been testing down to its 200-week moving average. Right now, the price is testing at its weekly Bollinger Band midline.

All in all, from the swing trade perspective I still have to say the QQQQ continues in a defensive posture unless and until it moves decisively above $48.00. A breakout above the $47 and especially $48 level would register as positive in the indicators as described above. Seasonally, we know we're heading toward the August opex which is August 20. That's close to the late August time frame which some prognosticators are saying may be a swing high in the markets. It's difficult to size up whether the QQQQ will be able to do much more than test the $47 and $48 levels during these next two weeks. After that - if it cannot get past resistance on a test of those levels - it may be a matter of probing for support around that $36 level foreshadowed in the P&F chart.
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