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Despite more than 20 million job losses in April, equities continued to power higher on Friday. Let’s look at a few top stock trades for next week.
Top Stock Trades for Tomorrow #1: Invesco QQQ ETF
Click to Enlarge Source: Chart courtesy of StockCharts.com
The Invesco QQQ ETF (NASDAQ:QQQ) hit its highest level since February. The exchange-traded fund has been resilient, rallying more than 36% from the March lows. The ETF is also up more than 5% for the year.
Not many would have expected this action, but now things get a bit trickier.
It’s starting to fill into its massive gap-down from February. If it can fill it, it will take the QQQ up toward $230. Above that technically puts the all-time highs in play. On a move below the 78.6% retracement and $220 level puts a possible pullback in play.
In that scenario, I’m looking at the 61.8% retracement near $209 and the 100-day moving average near $210. That zone is in the heart of the ETF’s recent consolidation zone.
Below it puts the $200 mark in play.
Editor's Note: Click here to see the rest of the trades.
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