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The Nasdaq 100 Index (QQQQ) is based on the 100 largest, non-financial Nasdaq stocks. From June through early September, it was in a broad trading range between $41.80 and $47.20. The RS line was also range bound during this time period as the QQQQ did not show any strong trend towards performing better or worse than the S&P 500. The QQQQ started to lead on September 8 when the RS broke out of its range and it overcame price line resistance three days later. Good support now lies at $46.50-$47.20.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.
