Chart of the Day - Thursday, May 25, 2023

By Patrick Dunuwila

May 25, 2023
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Today's Chart of the Day was shared by @ChartingCycles. The chart shows three moving averages for the Nasdaq 100 ETF ($QQQ) the 50-Day (yellow), the 200-Day (orange), and the 200-Week (red). $QQQ closed at a new 52-week high today, above all three moving averages shown. Price is removed from the chart to emphasize the trend. The long-term trend (200-WMA) was unfazed by last year's 33% drawdown, and it continues to rise. The intermediate trend (200-DMA) has begun to slope higher in recent months after trending lower for a year. Lastly, the short-term trend (50-DMA) has been rising since the end of 2022, reaching its highest level in nearly a year today. The trend is higher across all time frames. 

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Patrick Dunuwila

Editor, The Chart Report

Patrick Dunuwila is the Co-Founder and Editor of The Chart Report, a popular technical analysis newsletter read by thousands of investors worldwide every day. Patrick is a Chartered Market Technician (CMT) with over a decade of market experience. Prior to launching The Chart Report, he worked as a proprietary trader at Benchmarq Technologies in New York City. He's originally from Syracuse, NY, and currently resides in San Diego, CA.

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