Watch out QQQ Key Level

June 24, 2020, 10:40 pm EDT

Watch out QQQ Key Level

Watching the leading index always gives early signals that others will follow. In this case, we will use QQQ or Nasdaq100 as an example for technical analysis.

As we can see, the doji reversal pattern is completed by today’s -2% drop. This is after a three month straight-up rally, consisting of 1-month l and 2-month uptrend channels. Needless to say, this rally was more than 51% gain (165-250) which was hardly available in the past 100+ stock market history. Money printing policy and lots of government and Fed coordinations made it happen. However, if it breaks below key level 240, then it could be fast to unwind or unload this rally tension. 

Due to lack of proper support, major support or rebound could be around 203-204 where the first and second channel intersected.

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