Last week ended w/QQQ returning to an inter-day break above All Time Highs (ATHs) before closing Friday below the previous ATHs.
What to watch this week:
The MACD is showing the upward momentum weakening. The EMAs are beginning to curve down.
QQQ on the 1 hr chart is increasingly losing momentum and EMAs crossed down which suggest the near term will be to the down side.
Revised Target: I sill lean towards QQQ attempting to fill the gap created last Tuesday. Target 1 is at the top of the gap (225.15) with target 2 at the bottom completely filling the gap (223.00).
Caution: At market close, all indicators were still positive on the 4hr chart and there is still no overhead resistance. A gap up to new ATHs could open the door to a continued trickle up in price.
I do believe this is unlikely and that QQQ is overdue for a correction. Keep an eye on the MACD and EMAs. A crossover sell signal on both indicators could signal the support area won't last long. If no cross over, the support area may be just that with a bounce inevitable.