Technical Analysis: Last week’s price action put
QQQ
back inside the bullish channel we’ve been watching since March. We should see come corrective price action this week before tech runs higher.
Bulls will look to see if we can stay above last week’s lows at 360. It is crucial bulls hold this level or we could see the daily fair value gap that could be filled below at 357.66.
Bears will want to see a breakdown under the daily fair value gap, where we could test the strong monthly level at 354.43. If we lose the levels above, we can look for a test of the lower trendline in the upcoming weeks, and possibly a large gap to fill to the downside from 336.67-332.91. Inside this gap is the 50SMA and the 61.8% retrace at 334.00.
Upside Targets: 364.57 → 370.10 → 373.83 → 380.76 → 386.28
Downside Targets: 360.00 → 358.97 → 357.66 → 354.43 → 352.46
QQQ
back inside the bullish channel we’ve been watching since March. We should see come corrective price action this week before tech runs higher. Bulls will look to see if we can stay above last week’s lows at 360. It is crucial bulls hold this level or we could see the daily fair value gap that could be filled below at 357.66.
Bears will want to see a breakdown under the daily fair value gap, where we could test the strong monthly level at 354.43. If we lose the levels above, we can look for a test of the lower trendline in the upcoming weeks, and possibly a large gap to fill to the downside from 336.67-332.91. Inside this gap is the 50SMA and the 61.8% retrace at 334.00.
Upside Targets: 364.57 → 370.10 → 373.83 → 380.76 → 386.28
Downside Targets: 360.00 → 358.97 → 357.66 → 354.43 → 352.46
