$QQQ just failed a breakout — now watching two clean setups:
1️⃣ First support: ~$720 gap fill, which lines up with the AVWAP from July lows. If it holds and consolidates there, we could see the uptrend resume.
2️⃣ Deeper pullback scenario: If $720 breaks, next stops are the 50-day and 100-day moving averages. Below that? The 200-day SMA becomes the major long-term support.
Timing matters here — U.S. midterms are around the corner, and that usually brings extra volatility and uncertainty. Stay patient, watch the levels, and let price action confirm the next move.
1️⃣ First support: ~$720 gap fill, which lines up with the AVWAP from July lows. If it holds and consolidates there, we could see the uptrend resume.
2️⃣ Deeper pullback scenario: If $720 breaks, next stops are the 50-day and 100-day moving averages. Below that? The 200-day SMA becomes the major long-term support.
Timing matters here — U.S. midterms are around the corner, and that usually brings extra volatility and uncertainty. Stay patient, watch the levels, and let price action confirm the next move.