Nasdaq (QQQ) Stock News and Forecast: Yield fall finally sees some gains, but for how long?
Premium|Take advantage of 50% OFF on your first month.
50% OFF and access to ALL our articles and insights.
You have reached your limit of 5 free articles for this month.
Take advantage of the Special Price just for today!
50% OFF and access to ALL our articles and insights.
Subscribe to Premium- US equity indices bounced sharply on Wednesday.
- Inflationary pressure rises in Europe, but yields fall.
- Powell goes into blackout but signals a 25 bps hike is set in stone.
Equity markets recovered recent ground on Wednesday as the falling yield environment finally gave equity investors some hope. All three major US indices finished up just under 2% with the S&P 500 (SPY) being the biggest gainer on the day. The Nasdaq (QQQ) finished Wednesday up 1.68%. The recovery was broad-based with over 400 of the S&P 500 stocks finishing in the green and all sectors closing higher. The rally was a combination of optimism from the Fed chairman's more doveish comments and some optimism ahead of more Russia-Ukraine talks. Well, hope rather than optimism as the conflict shows no signs of abating.
Nasdaq (QQQ) Stock News
Big tech names and semiconductors held the Nasdaq on Wednesday. Apple (AAPL), Microsoft (MSFT), Tesla (TSLA) all rose nearly 2%, while AMD and Nvidia (NVDA) rose 3% and 4%, respectively. The situation was helped by falling US yields, especially the 2-year, which was spurred by doveish commentary from Fed Chair Powell.
Nasdaq (QQQ) Stock Forecast
$348.50 is our short-term pivot. Above and more gains are likely to test the 200-day moving average at $367. However prolonged failure to break this level will see a move back below $330. Key support at $316 remains in place for now. That is a very strong level, not only due to the lows from May 2021 but also as a huge volume-based level. The Nasdaq (QQQ) remains fragile with the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) both still bearish.
Nasdaq (QQQ) chart, daily
In the short term, look to $348 as the pivot. Failure will see the lower end of the range tested at $338. A break of $338 will likely see a sharp move lower toward $326.
Nasdaq (QQQ) chart, 15-minute
- US equity indices bounced sharply on Wednesday.
- Inflationary pressure rises in Europe, but yields fall.
- Powell goes into blackout but signals a 25 bps hike is set in stone.
Equity markets recovered recent ground on Wednesday as the falling yield environment finally gave equity investors some hope. All three major US indices finished up just under 2% with the S&P 500 (SPY) being the biggest gainer on the day. The Nasdaq (QQQ) finished Wednesday up 1.68%. The recovery was broad-based with over 400 of the S&P 500 stocks finishing in the green and all sectors closing higher. The rally was a combination of optimism from the Fed chairman's more doveish comments and some optimism ahead of more Russia-Ukraine talks. Well, hope rather than optimism as the conflict shows no signs of abating.
Nasdaq (QQQ) Stock News
Big tech names and semiconductors held the Nasdaq on Wednesday. Apple (AAPL), Microsoft (MSFT), Tesla (TSLA) all rose nearly 2%, while AMD and Nvidia (NVDA) rose 3% and 4%, respectively. The situation was helped by falling US yields, especially the 2-year, which was spurred by doveish commentary from Fed Chair Powell.
Nasdaq (QQQ) Stock Forecast
$348.50 is our short-term pivot. Above and more gains are likely to test the 200-day moving average at $367. However prolonged failure to break this level will see a move back below $330. Key support at $316 remains in place for now. That is a very strong level, not only due to the lows from May 2021 but also as a huge volume-based level. The Nasdaq (QQQ) remains fragile with the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) both still bearish.
Nasdaq (QQQ) chart, daily
In the short term, look to $348 as the pivot. Failure will see the lower end of the range tested at $338. A break of $338 will likely see a sharp move lower toward $326.
Nasdaq (QQQ) chart, 15-minute
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.