Currently at the 330 Support Resistance level, which is a pivot point. QQQ has been rising from the 265 Support Level, Now it is hitting a Double Top level that may send it back to probably the 290 level before it attempt to break the 330 Level again.
A buying signal went off when it hit the support level at 265, it made a positive momentum divergence, confirmed by the uptrend and break out at the main ribbon.
We have positive volume to the upside, but is is close to the reversal time period, and the indicators flag a reduced momentum.
My forecast is that the S/R will be rejected, it will try to get some momentum to the upside at a lower level. In the meantime this will generate volatility in the market.
A buying signal went off when it hit the support level at 265, it made a positive momentum divergence, confirmed by the uptrend and break out at the main ribbon.
We have positive volume to the upside, but is is close to the reversal time period, and the indicators flag a reduced momentum.
My forecast is that the S/R will be rejected, it will try to get some momentum to the upside at a lower level. In the meantime this will generate volatility in the market.