(Edit 11:45 AM: 20MA now at 69.20 on Q’s. If Q’s can close above 20MA today, and it appears there’s a good chance of that, then rally should resume into earnings next week.)
QQQ updated chart with key support levels. For a support line to be valid, it’s a must to have two touch points and so both of the support levels shown on the chart are valid.
While I would love to see a bigger pull back, there’s no way this will happen if these key support levels hold, and, if the upper support level can hold for the next few sessions, then bias will doubtless turn decidedly bullish where now bias is neutral awaiting next directional move.
Replacing earlier chart with this one showing resistance level just ahead for Q’s.
Q’s remain the rally’s lead dog but are currently lost enroute. This won’t go on much longer, but until Q’s set out decisively, then caution remains the word of the day.