QQQ: Target hit + Next key points. |UPDATED|

8月28日

In our previous study, we warned about resistance at $484.43, and today, it hit our target at the 21-day EMA, exactly as we described in our last public analysis here on TradingView.

Now that the QQQ has reached our target, we should update our study.

Daily Chart

On the daily chart, QQQ has recently retraced after failing to break above the resistance level around $484.43, which corresponds with a prior top level. The 21-day EMA is currently acting as a dynamic support level, and if the QQQ loses this key point, it would reverse the bullish bias and seek its next support levels, such as the Fibonacci retracements as shown in the chart above.

Weekly Chart

The weekly chart offers a broader perspective, showing that QQQ remains within a long-term ascending channel. The recent pullback from the upper boundary of this channel suggests a potential correction or consolidation phase. The 21-week EMA, which has provided consistent support throughout the channel, is currently holding as a support level.

The price is currently positioned closer to the mid-point of the ascending channel, suggesting that the upward momentum might still be intact as long as it remains above the support levels seen on theh daily chart, especially the 21-day EMA. The next critical support area on the weekly chart is the lower boundary of the channel.

Key Levels to Watch

Resistance: $484.43 (Daily chart), which aligns with the previous top level.
Support: 21-day EMA and the Fibonacci retracements.

Summary

QQQ is showing signs of short-term bearish momentum as it retraces from the recent high near $484.43. The price is currently consolidating above important mid-term support levels. On the weekly chart, the longer-term uptrend within the ascending channel remains intact, suggesting that the bullish structure could resume if the price finds support at the lower boundary of the channel.

Let's watch the support levels closely for potential buying opportunities if the price stabilizes or rebounds.

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Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.

“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore

All the best,
Nathan.