Despite the low-volume pre-holiday trading session, the Q's couldn't have traded off the technicals any better so far today. The first chart below is the 15-minute chart of QQQ posted on late Friday morning along with today's updated chart. Since Friday's chart was posted, the Q's when on to bounce up against the yellow downtrend line (R1, or first resistance), until finally taking out that level today, undoubtedly viewed as bullish to the many eyes that were watching that level. However, QQQ had the aforementioned key horizontal resistance level, R2 around 114.80, just overhead where the Q's were rejected, failing to print a 15-minute candlestick close on the attempt to take that level out.
QQQ Breakdown & Bounce Off Support
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