QQQ 50 and 8 EMAs crossover failing

2022年7月26日

QQQ showed some relative strength at the beginning of July but it struggled to stay above the 300s finding resistance at 308.62 and coming back down to the 294.38 support area from May 16th that worked as resistance a few times after, this is the level I am watching today and whether we close below or above. Looking at the Daily chart it seems like the 8/21 crossover was successful and gave QQQ a good upward momentum but this week the 50ema at 298.01 is showing big resistance bringing the price and the 8ema to point back down. We also got big ERs coming today GOOGL and MSFT, tomorrow META, Thursday AAPL and AMZN. This will all play a huge role on QQQ, right now this price range is a battle and sometimes the best move is no move, there should be a more clear direction towards the end of the week!!