Chart of the Day - Monday, April 24th, 2023

Today’s Chart of the Day was shared by Brian Shannon (@alphatrends). With a busy week of earnings and economic data ahead, Brian points out that the Nasdaq ($QQQ) is testing its VWAP anchored to the November 2021 all-time high. Price has been hugging this AVWAP all month, as it's been stuck in a tight 2.5% range. It has failed several attempts to reclaim this key AVWAP in the past year. It would be very constructive to see $QQQ reclaim this AVWAP, but it hasn't done so yet. This three-week pause suggests a big move could be brewing once price resolves higher or lower. Bulls and bears both hope that this week's data dump will help Mr. Market finally come to a decision.