Chart of the Day - Monday, April 17th, 2023
April 17, 2023
Today’s Chart of the Day was shared by Greg Rieben (@gregrieben). Greg points out that $QQQ has been trading in a tight range of less than 3% so far this month. Keep in mind, this is taking place after the Nasdaq gained more than 20% in Q1 - its best quarterly gain in nearly three years. After a strong rally, it's perfectly normal, and arguably healthy, to see some pause. This tight consolidation resembles a bull flag. It's also constructive to see price holding above its February highs. Some of the worst moves in the past year have begun as failed breakouts, but price has been respecting its former high for a change. If price resolves higher out of this tight range, the next upside objective will be the August '22 highs.