QQQ OUTLOOK 06/05 - 06/09QQQ crushed it again last week, testing a breakout above the channel we drew last week. Investors will look at Apple’s press conference at WWDC 2023 (Monday at 1:00PM EST). It’s safe to say that whichever way Apple moves, NASDAQ:QQQ will follow.
Technical Analysis: Although we got 2 candle bodies to close above the bullish channel, we still have yet to have a full candle body with wicks close above the trend line. I do think we will have some sort of consolidation this week.
Bulls will want to see price action continue above last week’s open at 352.71. Last week’s .618 retrace is around 350, so look to see if dips will be bought at fib retraces. To the upside, we can target the gap fill above from 356.78-359.93.
Bears will have control if we cannot hold a consolidation within last week’s price range. If we lose last week’s low of 346.51, another significant golden pocket retrace can be found around the monthly level at 338.19.
Upside Targets: 354.65 → 356.78 → 358.97 → 359.93 → 362.54 Extended: 364.57
Downside Targets: 352.46 → 350.72 → 349.65 → 348.54 → 346.51
If we lose last week’s low:
Extended: 344.57 → 341.31 → 339.60 → 338.19 → 336.67
