Chart of the Day - Thursday, May 25, 2023

$QQQ 50d, 200d, & 200w moving averages.
Which way is the trend? pic.twitter.com/ARzIjsmxVA

— ChartingCycles (@ChartingCycles) May 25, 2023

Today's Chart of the Day was shared by @ChartingCycles. The chart shows three moving averages for the Nasdaq 100 ETF ($QQQ) the 50-Day (yellow), the 200-Day (orange), and the 200-Week (red). $QQQ closed at a new 52-week high today, above all three moving averages shown. Price is removed from the chart to emphasize the trend. The long-term trend (200-WMA) was unfazed by last year's 33% drawdown, and it continues to rise. The intermediate trend (200-DMA) has begun to slope higher in recent months after trending lower for a year. Lastly, the short-term trend (50-DMA) has been rising since the end of 2022, reaching its highest level in nearly a year today. The trend is higher across all time frames.