QQQ Trendline Analysis – Key Support Levels & Breakout Potential
In this analysis, I break down the QQQ trendlines, highlighting a key trendline that dates back to the end of 2022’s market downturn. This level has acted as a strong support zone, with price currently testing key levels around $511, with additional support near $500 and $485.
📊 Key Takeaways:
✔️ Current Trendline Support – Price is respecting major trend levels.
✔️ Potential Breakout Setup – The market is forming a flag pattern, signaling a possible upward continuation.
✔️ Critical Levels to Watch – If support holds, QQQ could bounce back toward all-time highs.
✔️ Risk Factors – NVIDIA earnings, federalreserve policy, tariffs, and geopolitical events could act as catalysts for a major move.
🔍 Main Focus:
The key trendline break will be the deciding factor for the next big move. A break above resistance could signal a rally, while a failure may lead to further downside.
What are your thoughts on this setup? Drop your analysis in the comments! 📢📉🚀
#QQQ #Nasdaq100 #StockMarket #TechnicalAnalysis #Trendlines #Trading #OptionsTrading #Breakout #SupportResistance #Fed #NvidiaEarnings
Transcript for Hearing Impaired:
“All right, so you see the current trend lines for QQQ. This one dates all the way back to, I think it was 2018. Lemme just switch the chart here so we can see the whole thing. Sorry, it was 2023. So basically the end of the down year of 2022. So that kind of marked the bottom and trend line break. If I hit it with another trend line here, you’ll see that right there, something like that. So that’s where we broke. That was the bottom there and up it went right until now. But we really, if you look, we’ve got support at these levels right in here. So we’ve really got some support. Lemme just switch the view here so it’s a little more clear.
We’ve got some support right where it’s at. So if you look at this right here, something like that, you’ve got support here, so like five 11. And it’s also right on this trend line here. And I think we could see a balance here. So that’s a ghost feed here, just showing possibility, falling into this ascending wedge here and almost like a flag pattern. And could, yeah, it’s a flag, sorry, not an ascending wedge, and could bounce out of it here, bounce around and go out and run back up to all-time highs or whatever it’s going to do. If we drop more than I think we could see it come down to this level, which again, it’s pretty much right on trend line is going to be like 500 ish. And then this one down here is going to be something like 4 85 ish.
And in all cases, it starts to get trapped out by these lines. So until something breaks, this is really the big one that I’ve got my eye on right now. Make that a little bit of a thicker line. So I think that until it breaks this, which I mean, we’re getting a nice little green bar here that’s coming back up to it. Who knows, maybe it drops a little more, comes back out. But I don’t know. We’ve got Nvidia earnings coming up, we’ve got a Fed coming up, we’ve got tariffs, we’ve got so many things, a Russia-Ukraine deal possibly on the table. So who knows what kind of catalyst or well, what kind of catalyst we’ll have one way or the other, right? So I would say, depending on what happens with those events over the next couple 24 hours for Nvidia and couple weeks probably for the rest of it, I think we’ll find ourselves somewhere in here. Then we’ll break trend and we’ll bounce and do something from there. And so really the main thing I’m looking for is the break of this trend line right here, which we’re going to break eventually because it’s such a sharp line. But then ultimately to give me the green light again, I’m looking for that trend line to be broken, which comes right off the top here.”
📊 Key Takeaways:
✔️ Current Trendline Support – Price is respecting major trend levels.
✔️ Potential Breakout Setup – The market is forming a flag pattern, signaling a possible upward continuation.
✔️ Critical Levels to Watch – If support holds, QQQ could bounce back toward all-time highs.
✔️ Risk Factors – NVIDIA earnings, federalreserve policy, tariffs, and geopolitical events could act as catalysts for a major move.
🔍 Main Focus:
The key trendline break will be the deciding factor for the next big move. A break above resistance could signal a rally, while a failure may lead to further downside.
What are your thoughts on this setup? Drop your analysis in the comments! 📢📉🚀
#QQQ #Nasdaq100 #StockMarket #TechnicalAnalysis #Trendlines #Trading #OptionsTrading #Breakout #SupportResistance #Fed #NvidiaEarnings
Transcript for Hearing Impaired:
“All right, so you see the current trend lines for QQQ. This one dates all the way back to, I think it was 2018. Lemme just switch the chart here so we can see the whole thing. Sorry, it was 2023. So basically the end of the down year of 2022. So that kind of marked the bottom and trend line break. If I hit it with another trend line here, you’ll see that right there, something like that. So that’s where we broke. That was the bottom there and up it went right until now. But we really, if you look, we’ve got support at these levels right in here. So we’ve really got some support. Lemme just switch the view here so it’s a little more clear.
We’ve got some support right where it’s at. So if you look at this right here, something like that, you’ve got support here, so like five 11. And it’s also right on this trend line here. And I think we could see a balance here. So that’s a ghost feed here, just showing possibility, falling into this ascending wedge here and almost like a flag pattern. And could, yeah, it’s a flag, sorry, not an ascending wedge, and could bounce out of it here, bounce around and go out and run back up to all-time highs or whatever it’s going to do. If we drop more than I think we could see it come down to this level, which again, it’s pretty much right on trend line is going to be like 500 ish. And then this one down here is going to be something like 4 85 ish.
And in all cases, it starts to get trapped out by these lines. So until something breaks, this is really the big one that I’ve got my eye on right now. Make that a little bit of a thicker line. So I think that until it breaks this, which I mean, we’re getting a nice little green bar here that’s coming back up to it. Who knows, maybe it drops a little more, comes back out. But I don’t know. We’ve got Nvidia earnings coming up, we’ve got a Fed coming up, we’ve got tariffs, we’ve got so many things, a Russia-Ukraine deal possibly on the table. So who knows what kind of catalyst or well, what kind of catalyst we’ll have one way or the other, right? So I would say, depending on what happens with those events over the next couple 24 hours for Nvidia and couple weeks probably for the rest of it, I think we’ll find ourselves somewhere in here. Then we’ll break trend and we’ll bounce and do something from there. And so really the main thing I’m looking for is the break of this trend line right here, which we’re going to break eventually because it’s such a sharp line. But then ultimately to give me the green light again, I’m looking for that trend line to be broken, which comes right off the top here.”
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.