QQQ crosses 50-day average for 13th time since early August

Investing.com -- The Invesco QQQ Trust has crossed above or below its 50-day moving average 13 times since August 4, according to BTIG. The exchange-traded fund remains within the trading range established on that date over 31 trading days.

When QQQ starts below its 20 and 50-day moving averages but above its 200-day moving average, then opens the next day above its 20 and 50-day moving averages as it did Thursday, it has historically gained a median of 1.13% over the following five days with positive results 73% of the time. The pattern turns negative over 30 to 40 days with median declines of 1.95% and 1.5%, posting losses 70% of the time.

The Nasdaq-100 Index has remained roughly flat since mid-August, but the percentage of stocks trading above their 200-day moving averages dropped to 56% from 77%.

Semiconductor stocks show mixed performance. Advanced Micro Devices (NASDAQ: AMD), Qorvo (NASDAQ: QRVO), and Skyworks Solutions (NASDAQ: SWKS) trade near 52-week highs. Lam Research (NASDAQ: LRCX), Applied Materials (NASDAQ: AMAT), and Western Digital (NASDAQ: WDC) remain 30% to 40% below their June highs and trade at or near their 200-day moving averages.

The iShares Semiconductor ETF (NASDAQ: SOXX) continues to trade below its declining 50-day moving average.

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