the invesco qqq trust etf qqq represents the stocks in the nasdaq 100 its important to track the daily and weekly charts for this etf the daily chart shows that the etf failed at its 200day simple moving average at 36927 weakness on april 7 has held its 50day sma and annual pivot at 34928 and 34922 the weekly chart has been positive but that will change if friday’s close is below its fiveweek modified moving average at 35251 the daily chart for qqq shows that the index had been above a golden cross 52 weeks ago this led to the november 22 2021 high of 40871 this day was a negative key reversal day this occurred when the day’s close of 39930 was below the friday november 19 2021 low of 40258 from this november 22 high to the march 14 2022 of 31745 qqq fell by 223 on march 2 there was a death cross where the 50day simple moving average declined below the 200day simple moving average strength since the march 14 low failed around its 200day sma now at 36927 weakness today april 7 has been just below its 50day simple moving average and annual pivot at 34926 and 34922 the annual pivot is the lowest horizontal line the horizontal lines at 38001 and 38574 are monthly and semiannual risky levels respectively the weekly chart for qqq had been positive since the week of march 18 this will change to neutral given a close this week below the fiveweek modified moving average at 35235 qqq is well above its 200week simple moving average or “reversion to the mean” at 25670 the 12x3x3 weekly slow stochastic reading is rising at 4077 this measure scales between 0000 and 10000 where readings above 8000 are overbought and readings below 2000 are oversold note that this reading stayed above 2000 in recent weeks trading strategy if you buy qqq at the annual pivot at 34922 consider a sell stop below the january 24 low of 33415 reduce holdings on strength to the semiannual risky level at 38574