QQQ may bounce near-term at $695.25, but two closes below today's low would increase the probability of a decline to horizontal support.
He framed it in days
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Verified InvestingPublished Aug 24 · 1 passage
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And up next on the Nasdaq 100 with the QQQ, you can see price action putting in today on a daily candle a close underneath this big green candle here on August 4th, so that's one candle unwinding a lot of that price action.
Two candles with a closing beneath today's low would increase probabilities of us coming down here and tagging this horizontal support trend line. Now, of course, we're going to be very close at that point, but we keep on increasing probabilities with this movement that we're seeing coming down for the Qs.
This is where I anticipate a near-term bounce at $695.25 on the QQQ.
What this channel has said about $QQQ
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2026-08-26Bearish
Into the queues, you can see here, too, much like on the S&P 500, didn't really do too much today. It did finish up .09% but really just kind of closing in line with price action yesterday.
Quote at 02:06 ›Direction flip
2026-08-24This one
And up next on the Nasdaq 100 with the QQQ, you can see price action putting in today on a daily candle a close underneath this big green candle here on August 4th, so that's one candle unwinding a lot of that price action. Two candles with a closing beneath today's low would increase probabilities of us coming down here and tagging this horizontal support trend line. Now, of course, we're going to be very close at that point, but we keep on increasing probabilities with this movement that we're seeing coming down for the Qs. This is where I anticipate a near-term bounce at $695.25 on the QQQ.