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QQQ Continues to Trade Around the White Zone

Written By: ChartChamp

October 23, 2024

QQQ has experienced neutral and boring price action since October 8. QQQ is struggling to climb above the white zone, and keeps trading sideways within the white zone. Today QQQ opened with a bearish gap lower, and is trading within the white zone again. Tomorrow we have an important jobs data announcement, I think the stock market could find a direction depending on how good or bad the jobs data is tomorrow.

Bearish Day for QQQ

Bears are finally starting to show some strength here, QQQ has lost support at the yellow trendline. Tomorrow’s jobs data will be important for determining the bullish sentiment for the next few days. Strong jobs data is needed to maintain the narrative of a soft landing. Worse than expected jobs data could lead to some panic in the markets.

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