All three most widely followed indexes closed the last week in the green, driven by the tech rally. Both the Dow Jones Industrial Average and the Nasdaq Composite advanced 2%, while the S&P 500 gained 1.8%. For the tech-heavy
The Invesco QQQ Trust (
QQQ
) ETF tracks the NASDAQ 100 index (
NDX
) and presents an opportunity to invest in several large
technology companies. Interestingly, the QQQ ETF hit a
new 52-week high last week, largely due to the rally in chip stocks such as Nvidia (NVDA). Even though the QQQ ETF stock is up 34% year-to-date, the technical indicators currently suggest further upside potential.
According to TipRanks’ technical analysis tool, QQQ ETF stock’s 50-Day EMA (exponential moving average) is 325.06, while its price is $354.65, making it a Buy. Further, the moving average convergence divergence (MACD) indicator also signals a Buy.
At the same time, QQQ’s price rate of change (ROC) of 9.11 points to a strong bullish trend. Meanwhile, based on
Pivot Points, the QQQ has the next resistance near $368.
In a nutshell, the QQQ ETF is a Buy based on TipRanks’ easy-to-read technical summary signals (which combine the moving averages and the technical indicators into a single, summarized call).
Is QQQ a Good ETF to Invest in?
In nine of the past ten years, the QQQ ETF, which has a strong emphasis on technology, has outperformed the S&P 500 (
SPX
). Further, the ETF has a low expense ratio (cost of managing the ETF) of 0.20%, which makes it an attractive investment option.
Curious about the analysts' perspective? Well, as per 1,733 analysts providing ratings on QQQ’s
102 holdings, the ETF is a Moderate Buy and the average price target of $382.12 implies a 7.8% upside.
Moreover, according to TipRanks’ Smart Score System,
QQQ has a smart score of eight, which indicates that the ETF could outperform the broader market over the long term.
Disclosure
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One of the few certainties about investing on Wall Street is uncertainty over the short term. After all three indexes climbed to multiple record highs in 2021, last year saw the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite plunge into a bear market.
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What happened
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