50 and 200 day moving averages. SMH is still hovering around its 50 and 200 day moving averages. It is possible that the ETF is forming a small double bottom

The stock market continues its sideways action. Fortunately, the 50 day moving average of both QQQQ and IWM is quickly approaching the current price of these ETFs. This should push these ETFs higher and put an end to the recent sideways movement.

QQQQ is the first chart shown below. You can see how the ETF has been in a rectangle formation for weeks now. Strong support is at the 43 area, the bottom of the rectangle formation, and the approaching 50 day moving average.

SMH is still hovering around its 50 and 200 day moving averages. It is possible that the ETF is forming a small double bottom (the first bottom would have started at the beginning of December and the second bottom was just formed). A move to the 35.00-35.50 area within the next few days would make this a strong possibility.

IWM has broken its recent uptrend line, but the ETF has horizontal support in the 77 area and the 50 day moving average is currently at this level as well.

With the 50 day moving average approaching both QQQQ and IWM's current price, we feel that the market should begin another push higher within the next few days.