From Chris Kimble: First Fact: The Nasdaq tech train trend is up and has not derailed at this time, nor has it slowed down.
Below looks at the Nasdaq Composite index over the past 20-years:
As mentioned above, the trend in the Tech remains higher and it remains above long-term moving averages.
This chart highlights a test of a 20-year rising channel. The Power of the Pattern took the lows in 1995, 2002 and 2009, which created support line (1). This support line was laid on top of the tech bubble highs in 2000, creating the top of the channel at (1).
Joe Friday Just The Facts: Tech bulls would get concerning short-term news if selling starts taking place, at the top of this rising channel.
The PowerShares QQQ ETF (QQQ) closed at $154.49 on Friday, down $-0.66 (-0.43%). Year-to-date, QQQ has gained 31.02%, versus a 19.40% rise in the benchmark S&P 500 index during the same period.
QQQ currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 36 ETFs in the Large Cap Growth ETFs category.
This article is brought to you courtesy of Kimble Charting Solutions.