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The QQQ Is Bouncing Off VERY Significant Price Support; MarketVision 2023 is TOMORROW!

The past three months have been torture for the Invesco QQQ Trust (QQQ), the ETF that tracks the NASDAQ 100. The large-cap stocks that dominate the QQQ performance have been breaking down one after another and that has weighed much more heavily on the NASDAQ 100 than it has on the S&P 500 index as the latter is much more diversified over 500 large, multinational companies. The breakdowns of Apple (AAPL), (AMZN), and Tesla (TSLA) have really taken a toll, while weakness in other key stocks like Alphabet (GOOGL) have added to the weakness in the QQQ.

The current head-and-shoulders (H&S) pattern in the QQQ is a bearish continuation pattern, but in the short-term, today’s bounce off major neckline support could help to propel the QQQ higher and into a possible right shoulder top over the next week or two. Check this out:

The H&S pattern is not confirmed until the neckline is broken. So it’s quite possible that QQQ simply rallies off today’s neckline support test. The alternative, a breakdown below the neckline, especially if accompanied by heavy volume, would be quite bearish and certainly increase the odds of much further weakness ahead.

I look forward to seeing you at MarketVision.


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