QQQ is trending for a green day today, and did not drop down to the white support line around $480.50. Instead QQQ is trading under the white resistance zone around $488.48. I think the price action is still neutral for now, but the trading range is getting tighter and a big move will come soon. QQQ needs to climb above $488.48 to trend up higher, and needs to break below $480.50 to start a downtrend. I’m expecting some bullish CPI and PPI inflation data this week, but we just never know how investors will react to the news. Sometimes we’ve seen bullish economic data with selloffs and bearish economic data with bullish price action. So we’ll have to wait and see how the market reacts. Over the past few weeks I have been saying that there is no clear direction for U.S. stocks right now, which is reflected in the sideways price action. There is too much uncertainty with the upcoming elections, war, and reliability of the economic data.
Bullish Daily Candle Close for QQQ
For the recent updates I think the daily candle close are more important than the price action throughout the day. For QQQ there is a bullish daily candle close into the white resistance zone. Bears need to push the price back down over the next few days, and need to defend the upper range of this white zone around $491.63.
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