The Nasdaq 100 and PowerShares QQQ Trust found support at the 2018 yearly pivot (YP).
So naturally, we turn our attention to the yearly pivot in 2019 for the important stock market index and ETF…
Only this time the yearly pivot (YP) will be strong resistance.
Looking at the chart of the Nasdaq 100, the YP comes in at 6642. Could this level stymie the rally? It’s likely to provide resistance near-term, at a minimum.
Nasdaq 100 Chart with Yearly Pivot (YP)
Here’s another angle looking at the Nasdaq 100 ETF – QQQ. You can see that the ETF is nearing its YP as well.
PowerShares QQQ Trust Chart with Yearly Pivot (YP)
The biggest reversals happen at the yearly pivot points. Look for strong resistance on the QQQ and NDX soon!
To learn more about yearly pivot points, please check out my “Using multiple pivot points for trading opportunities” webinar.
The author may have a position in mentioned securities 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 any other person or entity.