It’s been a strong week for $QQQ as price rallied each day.
After a string of weaker pink “NoGo” bars, GoNoGo Trend painted an amber “Go Fish” bar on Friday. This comes as price has run up against a level that will be important for it to break through. This is a level that has been both support and resistance as we can see from the horizontal line on the chart. If we look at the oscillator panel, we can see that GoNoGo Oscillator after spending a few bars stuck at the zero level has been able to break into positive territory. Momentum is positive, which is counter to the prior “NoGo” trend. If price can climb further, with momentum now on its side, we may see a new “Go” trend emerge in the price panel above. We would like to see volume pick up if this happens.
