LIVE MARKETS Nasdaq 100 Triple-Qs: Checking a flow meter - Reuters

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NASDAQ 100 TRIPLE-Qs: CHECKING A FLOW METER (0900 EST/1400 GMT)

The Invesco QQQ Trust Series 1 (QQQ.O), which tracks the Nasdaq 100 index (.NDX), has been battered of late. That said, the Money Flow index (MFI), an indicator that incorporates both price and volume, is attempting to stabilize at an important support line.

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Indeed, the QQQ ended Tuesday down around 12% from its November record close. For 2022, the ETF is off 10.5% so far, and 1.9% this month.

Of note, on a monthly basis, and since early 2018, the MFI has been trapped between a resistance line from its 2014 high and a support line from its 2009 low read more :

QQQ02162022

After topping shy of the resistance line this past December, while diverging from the QQQ, the MFI plunged in January to once again test the support line. It ended the month essentially right on the line.

So far in February, and despite the QQQ's monthly drop, the MFI is holding the line, and is actually on track to tick up very slightly.

It is only mid-month, but if the support line can continue to work its magic, and the MFI has bottomed, the QQQ could be on the verge of a surprise upside turn.

Conversely, an MFI support line break at the close of the month will end what has been a consistent pattern. This could then suggest potential that the QQQ could see another waterfall slide given the substantial room before the MFI would reach its support line from 2002. read more

(Terence Gabriel)

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Terence Gabriel is a Reuters market analyst. The views expressed are his own

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