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Invesco QQQ Trust, Series 1

$QQQ Longer Viewpoint

By SADnation
QQQ is lagging behind SPY and has not reclaimed ATH 'yet.'

Looking at the weekly time frame, we can note that QQQ has been bouncing off the trendline that started back in JAN 2023.

It has touched and bounced off that trendline 3x so far:

-MARCH 2023
-OCTOBER 2023
-AUGUST 2024

Each time it bounced, it ran for approximately 100pts + and took roughly 124 - 140 days before consolidation and/or a correction / retracement / pullback occurred.

From a technical standpoint, QQQ will attempt at All Time Highs (ATH) at $503.52 again. We have to be conscience of the divergence between SPY and QQQ. SPY has already made a new ATH while QQQ is lagging behind.

If ATH is broken on QQQ and price move similarly to the last two weekly trendline bounce, then price could reach $528 and some change before possible consolidation and/or a correction / retracement / pullback occurred with a timeline of around mid-December.

Failure to reclaim and/or break ATH can cause QQQ to return back to the trendline.

This is NOT financial advice but an opinion.
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SADnation
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