QQQ is starting to resemble a Head & Shoulders topping pattern on the 120 minute time frame. The symmetry on the shoulders isn’t ideal but the up-sloping neckline is perfectly normal as is two shoulders following the head vs. just one.

QQQ 120-minute June 20th

QQQ 120-minute June 20th

Volume patterns, something that I believe many traders don’t bother to confirm but an important criteria for a H&S pattern are also typical of a H&S pattern so far with increased volume on the move down from the head as well as the move down off the first right shoulder. Should prices move down to the neckline from here as I suspect they will, I will be watching for another expansion in volume to further validate the pattern. Regardless of whether that pattern is valid or not, the trendline labeled as the neckline for the pattern is certainly a signifcant support level that is likely to trigger more downside in the $NDX if broken.