- Price action is gradually approaching a key resistance hurdle at $270.8
After finishing Friday at $260.74, Invesco QQQ Trust went up to $270.24 before paring its losses and closing at $269.35.
The current year has not been the best for Invesco QQQ Trust as it lost 33.67% from its highest point of $404.
Support/Resistance levels obtained from chart analysis indicate that Invesco QQQ Trust could be slowing down soon as it approaches resistance at $270.8. Of course, crossing it might suggest further gains are ahead.
Fundamental indicators – United States NY Empire State Manufacturing Index (Oct) released yesterday at 12:30 UTC with a figure of -9.1, while the previous figure was -1.5.
Other markets are also showing gains as notably, ARK Innovation ETF rose 7.03% yesterday and closed at $34. Amazon added 6.45% and closed around $106.9 yesterday.
Other assets are showing mixed performances as a flat day for iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF, closing at $25.35.
Upcoming fundamentals: as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.55 million, following on from the preceding figure of 9.88 million. New data is set to be published tomorrow at 14:30 UTC.