The Noise Is Getting Louder, but $QQQ Is Showing Signs of a Bottom

AfraSimon
10-19 07:02

πŸ“Š Hi Tigers! 🐯

The bearish noise is louder than ever, but let's look at the facts about $Invesco QQQ(QQQ)$ .

πŸ”Ή Heavy volume on Friday β€” similar spikes appeared during the June and July pullbacks, both of which marked local lows.

πŸ”Ή $702 remains key support β€” a level worth watching as buyers and sellers battle for control.

πŸ”Ή Reversal signals are converging β€” several potential bullish signals are emerging at the same time.

πŸ”Ή Big earnings are approaching β€” megacap tech and AI earnings are due in roughly two weeks, which could provide a fresh catalyst.

πŸ”Ή Seasonality favors the bulls β€” another factor supporting the bullish case.

Of course, the risks are real: oil prices, the 10-year Treasury yield, the $Cboe Volatility Index(VIX)$ , and the upcoming midterms could all trigger more volatility.

But right now, I'm not convinced the bears have enough momentum to take control just yet.

⚠️ These are potential bottoming signals, not confirmation. As long as $702 holds, I'm watching for a reversal rather than rushing to call for another leg down. πŸ‚


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