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Bullish Gap Higher for QQQ

Written By: ChartChamp

August 30, 2024

Yesterday the NASDAQ started to selloff in the past few hours headed into stock market close. However, I discussed how QQQ is retesting the yellow trendline as support. Today QQQ opened with a very bullish gap higher, and the stock market continues to rally higher. I think next week we are likely to see some upside for QQQ, and I will look for an opportunity to short the market with an SQQQ entry.

SQQQ Downswing to Lower End of Trading Range

As QQQ rebounds, SQQQ has experienced another downswing during overnight trading. The price is trading near the lower end of the midrange, and I would monitor the $8.16 support level to see if the price can hold here.

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