Nasdaq & qqqq breakout!

The Nasdaq 100 index has broken and retested the downtrend line that has been in place all year. Today it also cleared the 200 day moving average. The Nasdaq 100 is represented by the qqqq etf. Each share of qqqq represents 1/40th of the index, in other words it would take 40 shares to equal 1 share of each stock in the Nasdaq 100 index.




The Semiconductors have been leading the way since holding support at the bottom end of their trading range. You can see that SMH ( The semiconductor holdr) broke out prior to the Nasdaq 100.



Breakouts like this can often be "fake outs" but in this case nearly every index is breaking out at the same time so that adds validity to the situation.