11/26 NASDAQ 100 QQQ ALSO LOOKS OVERSOLD ... The technology-dominated Nasdaq market has fallen further than the Dow or S&P 500. Chart 2 shows the Nasdaq 100 Trust (QQQ) even falling below its October low. The good news there, however, its that its 14-day RSI line (top box) is showing positive divergence above its oversold line at 30. And its daily MACD lines (bottom box) could be forming a short-term "double bottom". That could pave the way for an oversold rally attempt. Even if that occurs, however, the QQQ has a lot of overhead resistance to overcome to repair recent technical damage. First and foremost, it would have to clear its 50- and 200-day moving average lines. It would then have to exceed its early November peak near 175. Even then, the QQQ would still remain well below its September highs. That's a lot of lost ground to make up. Especially when its long term uptrend is weakening.
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