Chart of the Day -Monday, March 23rd, 2020
March 23, 2020
Today’s Chart of the Day was shared on Twitter by Steve Strazza (@sstrazza). It's a daily candlestick chart of the Nasdaq 100 ETF, $QQQ. Steve explains that buyers and sellers have made it clear; $170 is a key level of interest. It has acted as either support or resistance numerous times over the past few years. In addition, this level has been tested nearly every day over the past six sessions. Identifying levels of polarity like this simplifies investment decisions during uncertain market environments by allowing you to model straightforward if-then scenarios. For example, if price continues to close above $170, then the risk is to the upside. On the other hand, if price falls below $170, then the risk is to the downside.