PowerShares QQQ ETF weekly report april 23-27 2012

PowerShares QQQ ETF weekly report april 23-27 2012, outlook next week april 30-may 4 2012 : powerShares QQQ ETF (Nasdaq:QQQ), representing the Nasdaq 100 index, had been in a downward sloping trend channel since peaking at $68.55 on April 3. That channel, which looks similar to a flag formation, was broken this past week signaling another likely advance. Based on two different methods the target area is $69.50 to $70.

There is resistance between $67.50 and $68, which the ETF will need to get through. A drop below the April 24 low at $64.45 would mean a lower low and likely continued weakness in the weeks that follow. Similar to the S&P 500 SPDRS, this ETF been in a strong uptrend since October, and therefore remains one of the strongest ETFs mentioned in this analysis.

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