QQQ Edges Above Wedge Trend Line - TLT Hits Resistance

Arthur Hill
by Arthur Hill,
Chief Technical Strategist, TrendInvestorPro.com

Stocks firmed on Wednesday with the major index ETFs putting in small gains for the day. The Nasdaq 100 Equal-Weight ETF (QQEW) led the way with a .78% advance and a fresh 52-week high. This is a clear sign that the Nasdaq 100 as a whole is strong. The Nasdaq 100 ETF (QQQ), which is weighted by market cap, continues to lag. Moreover, relative strength in the QQEW is a good sign for the technology sector as a whole. Forget about market cap. The sectors were mixed with the Finance SPDR (XLF), Energy SPDR (XLE) and Utilities SPDR (XLU) edging lower. The Industrials SPDR (XLI) and Healthcare SPDR (XLV) led the way with XLV closing at a 52-week high. Note that XLV is now up seven days in a row.  

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Arthur Hill
About The Author:

Arthur is the Chief Technical Strategist at TrendInvestorPro. Focused primarily on US equities and ETFs, his systematic approach of identifying trend, finding signals within and setting key price levels has made him an industry-leading technician. Learn More 

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