QQQ This gap looks mechanical & stretched, not fundamentally healthy
• It could be a bull trap/exhaustion gap, if buyers fail to extend it by midweek • Until we see an actual fade (close back under $609), the trend technically remains intact • QQQE confirms that today’s rally has genuine participation, not just a top-heavy squeeze
QQQ If QQQ can close above $612, it may confirm a breakout & signal potential continuation toward $620-$625; conversely, a failure to hold above $608-$610 could lead to short-term consolidation
1. Potential Cup & Handle
• The decline from ~$610 to ~$590, then a rounded recovery back to ~$610, forms the “cup” • The brief pullback and consolidation near ~$600-$605 could be forming the “handle” • A decisive close above $612-$613 would confirm the breakout, often targeting a move roughly equal to the cup’s depth (~$20), implying a potential target around $630-$635 in the near term
2. Short-Term Higher-Lows Trend
• Since early October, the lows have been rising from $590 to $595 to $600, while highs are testing the same ceiling (~$610) • That’s a bullish ascending triangle structure, suggesting building pressure toward a breakout
3. Overhead Resistance/Double-Top Risk
• If QQQ fails to hold above $611-$612 again, this could evolve into a double top, which is a bearish reversal pattern • The neckline for that would be around $595-$598 • A break below there could open room toward $585-$590