QQQ HITS NEW RECORD WITH TECHNOLOGY IN THE LEAD -- APPLE AND AMAZON TURN UP

John Murphy
by John Murphy,
Pioneer Technical Analyst

NASDAQ 100 HITS NEW RECORD... Chart 1 shows the Invesco QQQ Trust closing above its April high to achieve a new record.  Technology was the day's strongest sector.  Chart 2 shows the Technology SPDR (XLK) nearing a test of its April high.   Semiconductors had another strong day as well.  Chart 3 shows the VanEck Vectors Semiconductor ETF (SMH) moving up to test its February/April highs.   Today's strong action continues to highlight the recent rotation back into the technology sector.   Several large technology stocks also had a strong chart day.

Chart 1
Chart 2
Chart 3

APPLE AND AMAZON TURN UP... Apple was one of the day's strongest stocks and had a good chart day as well.   Chart 4 shows Apple (AAPL) jumping above its 50-day average and rising to the highest level in more than a month.  And it did so on rising volume.    Chart 5 shows Amazon.com (AMZN) also in rally mode.  Both stocks spent the past few months in a consolidation pattern that brought them down to their 200-day moving averages.  This week's strong chart action suggests that both stocks are turning higher.

Chart 4
Chart 5
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John Murphy
About The Author:

A trailblazer in intermarket analysis, John authored key texts that shaped technical trading and helped generations of investors decode market trends using charts and correlations. Learn More 

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