NASDAQ 100 QQQ TRADING ABOVE ITS 200-DAY LINE -- AMAZON, INTEL, AND MICROSOFT HELP LEAD IT HIGHER
QQQ TRADES ABOVE 200-DAY LINE...This morning's message showed the Technology SPDR (XLK) and Semiconductor iShares (SOXX) testing their 200-day moving averages. This message focuses on the Nasdaq 100 QQQ which is also trying to clear its 200-day line. Chart 1 shows the Invesco QQQ Trust trading above its 200-day line in afternoon trading. A close above that line would be a positive sign for the QQQ and technology stocks. And maybe even the market in general. Three big technology stocks are helping lead it higher.
AMAZON, INTEL, AND MICROSOFT ARE QQQ LEADERS...Three of the biggest stocks in the QQQ are showing stronger chart patterns. Chart 1 shows Amazon.com (AMZN) trading at the highest level since late February. In addition, AMZN is trading above both its 50-day and 200-day moving averages.
INTEL CLEARS 50-DAY LINE... Chart 3 shows Intel (INTC) back over its 200-day average. And exceeding its 50-day line today. Intel is part of the semiconductor group which has been rising lately.
MICROSOFT CLEARS MA LINES...Chart 4 shows Microsoft (MSFT) also trading above both moving average lines. Those three stocks are also helping boost the technology sector. As suggested this morning, those tests of 200-day averages by the QQQ and XLK may also offer some clues about the staying power of this week's market rebound.
