QQQ continues to ping-pong around the purple support & resistance lines from last week with a rejection off the downtrend line + reaction high from last week’s brief overshoot of the 275.24 resistance level & QQQ now at the 272 support level where a reaction is likely. However, in addition to the recent PPO bearish crossover, we now have negative divergence on the 60-minute time frame. That could be an indicator that the stock market isn’t going to like what the market-leading FAAMG stocks are selling when they report earnings this week.
QQQ 60m Oct 24th