August 14, 2024

By Nigam Arora & Dr. Natasha Arora

To gain an edge, this is what you need to know today.

Hopium Dashed

Please click here for a chart of Nasdaq 100 ETF (QQQ).

Note the following:

• The chart shows that QQQ has traced an island reversal.  This is a bullish technical pattern.
• The chart shows the resistance zone is nearby.
• RSI on the chart shows the bounce from the oversold condition continues to strengthen.
• The chart shows the power of the bounce from the oversold condition overcame the negative in the Producer Price Index (PPI) report.  Please see yesterday’s Morning Capsule for details.