4 Top Stock Trades for Monday Morning

These are the top trades for tomorrow morning…

This story was originally published here.

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

top stock trades for QQQ


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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