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Invesco QQQ Trust ETF: Technical Indicators Signal a Strong Buy

3 years 3 months ago
Investors keen on investing in the technology sector could consider the Invesco QQQ Trust ( NASDAQ:QQQ) ETF. This appealing ETF closely tracks the Nasdaq 100 Index ( NDX ) and provides an opportunity for investors to hold stocks from 10 different sectors. Interestingly, based on  technical indicators, QQQ is still a Buy near its current levels. Technical Analysis in Detail According to TipRanks’ technical analysis tool, the QQQ ETF stock’s 50-day EMA (exponential moving average) is 349.63, 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 0.35 points to a bullish trend. Also, the QQQ ETF’s Williams %R signals a Buy. Overall, on the one-day time frame, QQQ stock is a Strong Buy, according to TipRanks’ easy-to-read technical summary signals. This is based on 16 Bullish, six Neutral, and zero Bearish signals. Latest Update on QQQ ETF The QQQ ETF’s impressive year-to-date rally of over 41% can be largely attributed to the substantial increase in stock prices of the top seven technology companies. These companies include Microsoft ( MSFT ), Apple ( AAPL ), Nvidia ( NVDA ), Amazon ( AMZN ), Tesla ( TSLA ), Meta ( META ), and Alphabet ( GOOGL ) ( GOOG ). Together, these stocks account for more than 55% of the holdings in the QQQ ETF. It is important to note that Nasdaq ( NDAQ ) has scheduled a special rebalance of the Nasdaq 100 Index before the market opens on July 24. The purpose of this rebalance is to mitigate the issue of overconcentration in the index by reducing the combined weight of these seven giants. According to the index’s methodology, it is expected that the total weighting of these stocks will decrease by between 6% to 8%. Furthermore, The Trade Desk ( TTD ) will be added to the Nasdaq 100 prior to the market opening on July 17, 2023. TTD will be replacing Activision Blizzard ( ATVI ), which is set to be acquired by MSFT. Is QQQ a Good ETF to Invest In? As per 1,214  top Wall Street analysts providing ratings on the  QQQ’s 102 holdings, the ETF comes in as a Moderate Buy, and the average QQQ price target of $392.47 implies 5.3% upside potential. It is noteworthy that these top analysts have an impressive history of helping investors generate massive returns from their recommendations. Moreover, according to TipRanks’ Smart Score System, QQQ stock has a Smart Score of 8 out of 10, which indicates that it could outperform the broader market over the long term. Disclosure
TipRanks

Dow Movers: TRV, CRM

3 years 3 months ago
In early trading on Thursday, shares of Salesforce topped the list of the day's best performing Dow Jones Industrial Average components, trading up 1.4%. Year to date, Salesforce registers a 73.9% gain.
BNK Invest

Beat the Nasdaq? This Dividend Stock Has Actually Done It

3 years 3 months ago
The Nasdaq is where fortunes have long been made and lost and made again, and over the long run, the companies on that tech-heavy exchange have proven to be solid investments, especially for those who have bought and held such titans as Microsoft and Amazon, or index funds that f
The Motley Fool

Guru Fundamental Report for MSFT

3 years 3 months ago
Below is Validea's guru fundamental report for MICROSOFT CORP (MSFT). Of the 22 guru strategies we follow, MSFT rates highest using our Twin Momentum Investor model based on the published strategy of Dashan Huang. This momentum model looks for a combination of fundamental moment
Validea

Better Artificial Intelligence Stock: Amazon vs. Microsoft

3 years 3 months ago
Whether you're a casual investor or trade professionally, chances are you've heard about the current boom in artificial intelligence (AI). After last year's economic downturn caused many tech stocks to fall out of favor, recent advances in AI have bolstered numerous companies acr
The Motley Fool
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