QQQ in bullish trend

First of all, QQQ is currently trading above its 10- 20- and 50-day exponential moving average. On the other hand, it has reached the blue resistance line. At this point we’ll have to wait to see whether the bulls or the bears will be the winner of this battle.

The price action of the last sessions indicates that there is a quite strong resistance level at about 182, but, on the other hand, the bulls face strong resistance and are unable to push price higher.

That being said, MACD our momentum indicator, has already moved above its signal line. As the MACD histogram shows, however, where the bars went horizontal, momentum has weakened a lot.

After some sings of outperformance, QQQ’s Relative Strength also has leveled off.