$QQQ Looks Bullish. Then I Noticed One Problem
$Invesco QQQ(QQQ)$ looks strong on the surface. But I’m not ready to chase it yet. 👀
$E-mini Nasdaq 100 - main 2612(NQmain)$ spot is currently up 0.59%, and I was considering $ProShares UltraPro QQQ(TQQQ)$ as a 3x long trade to capture the strength in $QQQ and the $iShares S&P 500 Growth ETF(IVW)$ segment following that bullish wedge breakout. 🚀
Then I noticed something important.
$QQQ has now failed to fill the August 18 gap-down resistance zone on two separate attempts. ⚠️
That’s worth paying attention to.
We saw a similar setup around the June 23 gap-down. After a +1.7% rally attempt to fill that gap resistance on June 30, the reaction that followed was another reminder that strong pre-market action doesn’t always translate into a clean breakout.
So for now, I’m staying cautious. 🧐
The broader setup may still look bullish, but I don’t want to confuse pre-market strength with confirmed price action.
For $QQQ, that gap resistance remains the level I want to see reclaimed before getting more aggressive.
Sometimes the best trade is simply waiting for the chart to prove it. 🎯
Markets are always moving - and sometimes, the best move is knowing what works for you.
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