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QQQ Starting to Experience Resistance

Written By: ChartChamp

October 15, 2024

The stock market has entered extreme greed territory while QQQ is trading near all time highs. I think there is a risk of a pullback forming over the next few days. QQQ is trading above the white resistance zone and below previous all time high resistance at $503.35. There is a chance that QQQ spikes up to $503.35 to reach resistance before a pullback, or QQQ could just start to trend back down from current price levels. I have the yellow trendline as a key level to monitor, I think QQQ will retest it as support over the next few weeks.

QQQ experienced a selloff today, and is trading near the lows of the white zone around $488.50. There is support here for now, I’m more interested in seeing if QQQ holds above the yellow trendline over the next few days.

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