February 25, 2021, 12:43 pm EST
Major Breakdown and Bearish Outlook (QQQ)
Nasdaq was the weakest index compared to Dow Jones and S&P500. During the boom time, Nasdaq was up quickly, led by AAPL, AMZN, GOOGL, FB, MSFT, TSLA, ZM, NVDA stocks. But, when the party is near the end for fast growth mode, they are the fastest one to go down as shown in the Nasdaq100 ETF QQQ chart.
Not only the major breakdown 3 days ago caused severe technical damage to its uptrend channel, but its bearish outlook makes the future much worse.
QQQ made more than 100% from March 2020 low to recent high 164-340. But the breakdown at 325 changed the picture completely. The difficult part is to find its proper support line from the past patterns. Unfortunately, a straight-up rally does not provide obvious support. Thus, the outlook for Nasdaq or Nasdaq100 is bearish.
Major support could be in 250 as shown.