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QQQ Experiencing Volatility Ahead of NVDA Earnings

Written By: ChartChamp

November 18, 2024

QQQ has been trading within a yellow wedge pattern, and has started to experience a lot of volatility since Election Day. There have been moves in both directions outside of the yellow wedge. QQQ is currently trading below the wedge with local support around $494 – $495. I think it’s possible for QQQ to form a rebound here, but I would continue to monitor $494-495 as a support level. All eyes will be on NVDA this week as we approach the Nov. 20 earnings date.

QQQ has held local support so far, and is trading around $500. I think there could be a short term move back up to the yellow wedge around $507.74. Seems like there isn’t a clear direction for now, there is volatility on both sides of the yellow wedge as we approach NVDA earnings.

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