QQQ Weekly chart looks still bit weak. Friday's action saved it from meltdown. Thursday's bounce from long term trend line (more evident on NQ Futures) was big saver. Going forward, QQQ needs to close above 332 to push bears to sideline. If close below 322.80, would be big red flag as it may start weeks of downside action. Must hold trend line support in any case. Chart shows two possible paths it can take from here.
Red flag QQQ! Closed below 322.80. If today's low fails, 319 is the last level bulls need to defend vigorously before last ditch trend line support level.. Current price action indicates bears back in control. Need to be very careful going long here.
trdnvestor
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QQQ day support levels 324.50 and 322.80. Close below 322.80 red flag. Still 332 is the target. Support level must hold.