Yesterday QQQ experienced a strong selloff with a break below the yellow support line. However, this morning the US jobless claims had some mixed results. I think overall the US jobless claims is a net positive, and investors are having a bullish reaction to the news. QQQ has quickly rebounded back into the white zone.There has been a lot of back and forth in this zone and the price action remains neutral until we find a clear direction. There is still uncertainty surrounding the US presidential election as well. We could continue to see sideways price action until the end of the election.
QQQ continues to trade in the white zone, and is building some support around $488.50. Today’s jobs data keeps the bullish sentiment alive, and the price action remains neutral for now.
