QQQ has formed a bearish retest of the white zone and bottom of the yellow channel. Since Oct. 9 both of these levels were acting as support. Now support has been lost and both levels are acting as areas of resistance. I think we are likely to see more neutral and bearish price action until the next US president is announced. I would continue to monitor the $488.48 price level to see if there is continued resistance, and I would be more interested in seeing how the stock market reacts once the next US president is announced. We did not experience a bearish Sept and Oct seasonality trend, it is possible that this bearish trend could be delayed until after the US election. We had a similar pattern earlier this year where the bearish Feb-March trend occurred in April.
QQQ continues to face resistance at the white zone. I think the price action after the US election will be more important to monitor. For now investors are patiently waiting for the election results.
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