Declines yesterday left the major US index ETFs all below their 50-day moving averages. As shown in our Trend Analyzer snapshot below, about half of them are oversold while the other half are in neutral territory. With equity futures pointed higher this morning, we’ll see if any of these ETFs can regain their 50-day moving averages by the end of the trading day.
For the Nasdaq (QQQ), yesterday’s move lower marked yet another failed attempt to break and hold above its 50-DMA. Since reaching a low on August 5th, the ETF has made multiple attempts to retake the 50-DMA without any considerable push above these levels. With QQQ trading up 1% ahead of today’s open, we’ll get yet another test of the 50-day shortly. Bulls will be looking for resistance at the 50-day to finally break. Start a two-week free trial to Bespoke Institutional to access our Chart Scanner and much more.