Nasdaq 100 QQQs Holding Retest Of Breakout

With only 9 trading days left in the year, we’re kicking off the second to last week with an upward bias in US equities.

The Nasdaq 100 $QQQ continue to have my attention as this group of stocks is still offering some of  the most actionable setups out there.

After breaking out above key 119 resistance last week, $QQQ moved sideways for a few days and then re-tested the prior breakout area this past Friday.

As of mid day this Monday, that re-test appears to be holding as we’re thrusting higher back above Fridays range trying to continue this trend to the upside.

I’ll be looking for a strong close and follow through tomorrow above this short-term cluster of highs at 121 for continued confidence within this group of stocks.

We hold no position in $QQQ outright, but members and I do own the closely related $XLK ETF which we initiated last week.

Thanks for reading and good luck out there.

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Evan Medeiros

Evan is the founder of the Trade Risk. With 25 years of coding experience and a B.S. in computer science, Evan brings a systematic discipline to investing in the stock market.

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