Bringing context to the Nasdaq (QQQ) trading ranges

It is necessary to "zoom-out" a little to get a sense of what the market is doing since last week. As you can see here, the QQQ is trading right in the middle of the lower channel of its price range. Some more downside is possible (as low as $360) before a move to the upside can occur.

A break below this lower channel with volume, velocity, and momentum could mean the bears mean serious business, however, given the current fiscal policy of the Fed., I don't think that is probable.