By InTheMoneyStocks.com on August 1st, 2010 4:20pm Eastern Time
The PowerShares QQQ Trust, (ETF) (NASDAQ:QQQQ) lost just 0.25 cents for the week ending July 30th, 2010. Last week started higher and then faded throughout the week. On July 30th the technology heavy ETF opened sharply lower only to reverse all of the early loses and close positive on the session. Therefore, the index could see some early strength this week. The QQQQ's and the other major indexes rallied nearly 10 percent for the month of July and this is very impressive by all standards. However, the volume during this move higher has been very light which could signal lack of conviction by the institutional money. This week could go either way by the current chart pattern in place on the weekly chart. The negative for the QQQQ's are that it is still trading below the weekly 20 moving average and below the June pivot high. Both factors are signs of a weak technical positions on the chart. The weekly support level for the QQQQ's is still the $42.00 area which is the July low. The current weekly resistance area will be the $48.00 level.
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