QQQ is breaking below the bottom of the recent range after the opening bell, opening the door to the next wave of impulsive selling down to my second price target of 297.
QQQ daily March 4th
Likewise, the 12676-12732 support on /NQ (Nasdaq 100 futures) has been taken out & backtested, opening the door to the another wave of impulsive selling unless the buyers can step in to ramp /NQ back above the support zone soon.
NQ 60m March 4th
Zooming out to the weekly chart, which speaks to the intermediate & longer-term outlook, barring a stick save with QQQ reversing & rallying hard by Friday’s close, last week’s breakdown on the weekly chart will likely be confirmed with an additional weekly close below the uptrend line this week. Of course, a lot can happen between now & the 4 pm weekly candlestick close tomorrow although the bearish case just got another big checkmark with the next checkmark to come on a solid daily close below the recent trading range.
QQQ weekly March 4th