Dec 4, 01:30 PM

$QQQ Hits New All-Time Highs as Nasdaq 100 ETF Rallies Nearly 6% Since Last Month's Lows, Targeting $525 Resistance

The Nasdaq 100 ETF, represented by $QQQ, has reached new all-time highs, closing up nearly 6% since last month's lows. This rally is attributed to a broadening tech and growth sector momentum, with significant increases noted in the equal-weight Nasdaq ETF, $QQQE, which also hit a new all-time closing high. The recent performance reflects a strong rotation into mega-cap technology stocks, as evidenced by a notable increase in trading activity and call options related to $QQQ. Analysts suggest that the ETF's recent movement off a support level of 500 is indicative of a year-end chase by portfolio managers who have been underexposed to these large-cap stocks. The ETF is currently targeting a potential resistance level at $525 based on Fibonacci extension analysis, with expectations of at least a pause at this level as the market continues to assess its upward trajectory.

#Nasdaq #Fibonacci

Written with ChatGPT (GPT-4o mini).

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$QQQ Hits New All-Time Highs as Nasdaq 100 ETF Rallies Nearly 6% Since Last Month's Lows, Targeting $525 Resistance

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