Chartology: PowerShares QQQs Breaks Above Downtrend Line

Stock ChartsSince bottoming in early June, the PowerShares QQQ Trust (QQQ) has bounced higher within a wide, yet clearly defined, rising channel. Although many would see this as bullish, the QQQs was trading choppy and had yet to conquer the 3 month downtrend resistance line… that is, until today.

After spiking higher today and closing above this key resistance, the ball is now in the bulls court to hold its gains and produce some follow through. The next level up is the upper channel line (67.50ish).

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PowerShares QQQs (QQQ) stock chart with technical analysis overlay as of July 19, 2012.  Price support and resistance levels and stock market analysis. PowerShares QQQ is a proxy for the Nasdaq 100.

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Twitter:  @andrewnyquist and @seeitmarket     Facebook:  See It Market

No position in any of the securities mentioned at the time of publication.

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of his employer or any other person or entity.