Let start with the bad news, both on the hourly and daily cloud chart, the QQQ price action is below the cloud and this is overall bearish. But there is the opportunity to trade into the year end really by buying at key cloud chart support zones.
On the QQQ daily chart the levels I am looking at for a cloud chart perspective for support and a rebound are 162.54/164.90.
Upside target will by up to the first cloud chart resistance level :173.81, then after that 177.67 with the rally end target at 184.20!
Now the good news on the weekly cloud chart, price action is still above the cloud and this bullish. Uptrend still in place, and we can see a slow grind higher into the year end rally.
Top end of the cloud here is a key rebound zone! A critical support zone where the market can rebound from in Q4.
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