I laid out some of the major trend lines that you should watch over the coming weeks.
I see QQQ hovering just under a key trend line but on top of key fib level.. I would guess that the market is waiting for the 20 day SMA to get closer and try to make a break back above this trend line for a counter rally (see image below).
If it does break above, look for it to retest that trend line. If it holds, then the bull rally could be back on.
If it does not hold or we see a rejection from the 20 day sma, then expect the black channel to be the next major support.
1W
1D with SMA
I see QQQ hovering just under a key trend line but on top of key fib level.. I would guess that the market is waiting for the 20 day SMA to get closer and try to make a break back above this trend line for a counter rally (see image below).
If it does break above, look for it to retest that trend line. If it holds, then the bull rally could be back on.
If it does not hold or we see a rejection from the 20 day sma, then expect the black channel to be the next major support.
1W
1D with SMA
