See It Here: NASDAQ 100 Hits Technical Level, Bounces
The markets surged higher as expected today. This was a result of a technical level hit on the NASDAQ 100 yesterday when the PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ) tagged a low of $65.25. This price happened to be the 50 moving average on the daily chart. Based on the dramatic fall in stocks like Apple Inc. (NASDAQ:AAPL) and Google Inc (NASDAQ:GOOG) which make up the NASDAQ 100, the 50 moving average would likely lead to a bounce.
Sure enough, the markets are surging today and the bounce came in perfectly. This was a relatively easy call to make when studying the daily chart of the QQQ and understanding tech influence on the overall market.