As I had mentioned 8 days back on September 20th, QQQ closed almost exactly at $360 today (see the related post). This is a very important level for the bulls to defend as it is the last level of long-term support for the QQQ based on the trend lines I have been tracking. A close of this week on Friday, October 1st below this lower support line could mean a larger and more extrapolated pullback to come in the weeks following.
However, based on my technical analysis, I see this market as over-sold and a short-term recovery is expected by the end of this week. In other words, I expect the QQQ will close above this $360 level by the end of this week.
However, based on my technical analysis, I see this market as over-sold and a short-term recovery is expected by the end of this week. In other words, I expect the QQQ will close above this $360 level by the end of this week.
