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- The Invesco QQQ stock price soared to an all-time high as investors remained optimistic about the technology sector.
The Invesco QQQ stock price soared to an all-time high as investors remained optimistic about the technology sector. The ETF surged even after the relatively disappointing earnings from Peloton, Square, and Snap earnings and the relatively hawkish Fed decision.
Peloton and Square earnings
Invesco QQQ is the ETF that tracks the Nasdaq 100 index. A good number of stocks in this fund are growth stocks that tend to do well in a period of low-interest rates. Therefore, it has been a surprise that the ETF has extended its gains this week after the Fed delivered a relatively hawkish interest rate decision. The price action is mostly because the hawkish stance of the Fed was already priced in by the market.
Now, the ETF has risen even after the weak results of some of the key companies in the fund. For example, the Peloton stock price crashed by more than 30% in the overnight session. This happened after the company reported relatively weak results. This is further evidence that the company’s growth is slowing.
Meanwhile, the QQQ is rising even after Square’s revenue growth slowed. The company’s revenue rose by 27% to $3.84 billion. This was substantially lower than the $4.51 billion that analysts were expecting. Its closely-watched gross profit figure was $1.13 billion while its Bitcoin revenue was $1.82 billion.
QQQ stock price forecast
The daily chart shows that the Invesco QQQ stock price has been in a strong bullish trend in the past few weeks. These gains continued recently when the stock moved above $383, which was the highest level in September. The shares have moved above the ascending trendline that is shown in green.
It has also jumped above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has continued the bullish trend. Therefore, the path of the least resistance for the QQQ stock is in the upside. The next key level to watch will be $450.
