QQQ - Two alternative trades available

QQQ has moved between 338.04 USD and 347.69 USD for the past week, and we are currently neutral on QQQ. At the moment, QQQ allows for an interesting setup that would involve taking a long position above the short-term resistance. Contrary to that, a short position would be taken if a breakout occurs below the short-term support.

Technical analysis - daily time frame
RSI is flat, but it tries to reverse to the upside, which would be bullish. MACD and Stochastic remain bearish. DM+ and DM- show bearish conditions in the market. However, DM+ started to grow, which is bullish. We will observe Directional Movement Index in the following days and watch for bullish crossover and revival in ADX. Overall, the daily time frame is neutral.

Technical analysis - weekly time frame
RSI strives to move higher, which is bullish. MACD is in the bearish area. Stochastic is bearish. DM+ and DM- show bearish conditions in the market, with ADX showing that the bearish trend may still be present. Overall, the weekly time frame is bearish but looks less dire than a week ago.

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.