QQQ experienced a shakeout two days ago, but has formed a bullish rebound after some strong jobs data was announced yesterday. QQQ looks bullish here, and is trending for a weekly candle close above the white resistance zone. There was a bullish weekly candle close above resistance last week as well, so this would be back to back weeks with bullish closes above the $493.39 resistance level. QQQ is also approaching two resistance levels, there is a yellow resistance line at $500.71 and a red resistance line at $503.35. There’s likely to be some pullbacks at these price levels.

QQQ has hit resistance at the yellow trendline around $500 and has experienced a sharp selloff. The price is trying to rebound around $494.50, but we’re likely to see a move back down to the white zone next week.

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