Big Picture:Overall action is bullish but QQQ has struggled to get above 186.8 For the last 9 weeks, QQQ has been in a trading range from 180 – 186.8 Last week’s price action started at the top and then reversed to the bottom of that range. Today’s trading opened below 180 support, continue lower to bounce off 176.86 support and close at 179. See weekly chart.
Going Forward: 4 Hr Chart provides a good visual of 4 straight down days but buyers are trying to level off between 176.86 and 179.47 Note that MACD, SMIs, MAs, Bollinger Bands, and Keltner Channels are all bearish. See 4Hr Chart. 5,000 Tick Chart, shows buyers trying to establish a bottom. Note momentum indicators are showing a potential bounce here. Important zones to monitor are 176.86, 178.17 and 179.47 Since the short-term direction is downward, either a double bottom, or a breach above resistance and a pullback to a higher low will provide the best entry points.