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Consecutive Bullish Daily Gaps for QQQ

Written By: ChartChamp

November 7, 2024

Leading up to Election Day QQQ experienced a shakeout with a drop below two key support levels, marked by a white arrow. However, the US election and Fed’s 25 bps rate are causing a bullish short term rally that has led to two consecutive bullish daily candle gaps higher. QQQ is still trading within a red channel despite breaking below support. QQQ is also trending for a close at new all time highs. I think we’re likely to see a correction back down to $500, but it will be important to see if QQQ continues to maintain this bullish momentum. One of the key events on my calendar is NVDA’s earnings on Nov. 20. NVDA is seasonally bearish in December so the market might experience a downtrend around NVDA’s earnings date.

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