QQQ crossed above and below the 200-day moving average twice in one week. Honestly, this line is barely useful as a reference anymore.
It broke below on 11/5, closing at 647. On 11/11, it got back above, closing at 690.38. Then it dropped below again on Friday, closing at 679.89, with the 200-day line at 682.24—a gap of just 0.3%.
Including this time, it’s crossed the line five times this year. The last time it broke below, on March 20, it didn’t get back above until April 8—that was more than half a month of grinding. This time, it made the round trip in just two or three days. When price grinds right along the line like this, it’s the easiest way to whipsaw people trading off moving averages in both directions.
The 50-day line above is at 717.87, still more than 5% away. With resistance overhead and price hugging support below, it’s stuck in the middle, waiting for Nvidia’s earnings report after the U.S. market closes next Tuesday (Wednesday morning Beijing time).
BTC hasn’t been sitting still either. It’s at 67.4K now, down more than 2% over the past 24 hours. For the past few weeks, it’s been moving almost in lockstep with the high-beta end of the Nasdaq. If QQQ can’t even hold 670 next week, it’ll be hard for crypto to carve out a rally of its own.
Friday’s intraday low was 671.68. That level will probably get tested again next week.
#美股 #纳斯达克 #英伟达财报 $QQQ $BTC
It broke below on 11/5, closing at 647. On 11/11, it got back above, closing at 690.38. Then it dropped below again on Friday, closing at 679.89, with the 200-day line at 682.24—a gap of just 0.3%.
Including this time, it’s crossed the line five times this year. The last time it broke below, on March 20, it didn’t get back above until April 8—that was more than half a month of grinding. This time, it made the round trip in just two or three days. When price grinds right along the line like this, it’s the easiest way to whipsaw people trading off moving averages in both directions.
The 50-day line above is at 717.87, still more than 5% away. With resistance overhead and price hugging support below, it’s stuck in the middle, waiting for Nvidia’s earnings report after the U.S. market closes next Tuesday (Wednesday morning Beijing time).
BTC hasn’t been sitting still either. It’s at 67.4K now, down more than 2% over the past 24 hours. For the past few weeks, it’s been moving almost in lockstep with the high-beta end of the Nasdaq. If QQQ can’t even hold 670 next week, it’ll be hard for crypto to carve out a rally of its own.
Friday’s intraday low was 671.68. That level will probably get tested again next week.
#美股 #纳斯达克 #英伟达财报 $QQQ $BTC