Prosper Trading’s Stock Index ETF expert, Patrick Assalone, gives us his take on what he is continuing to see in the QQQ ETF. The PowerShares QQQ is a widely held and traded exchange-traded fund (ETF) that tracks the Nasdaq 100 Index. Therefore, QQQ is heavily weighted toward large-cap technology companies and is often viewed as a snapshot of how the technology sector is trading.
This first chart is a daily chart of the QQQ. QQQ still in defined UPTREND, BIAS is LONG.
This second chart is a MarketProfile (MP) chart and is indicating an intermediate sideways pattern while looking for a LONG if and when we get ABOVE contract HIGH.