NASDAQ 100 Double Tops Prior To Big Tech Earnings

The PowerShares QQQ Trust, Series 1 (ETF) QQQ  is trading at $59.96, +0.47 (+0.79%). This happens to be a double top from July 2011 and multi year high. Generally, this would be considered resistance on the charts. In addition, one must find it very interesting to notice this level getting tagged prior to major earnings from tech companies. After the markets close today, earnings from Google Inc. GOOG, Microsoft Corporation MSFT, International Business Machines Corp. IBM are scheduled to be reported. Perhaps this level of resistance is actually telling something about earnings today.

Gareth Soloway
InTheMoneyStocks.com

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Markets
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!