$QQQ Nasdaq hitting some resistance...
$QQQ Nasdaq hitting some resistance
Not every breakout is meant to follow through.
$QQQ pushed into the 28,700-28,750 zone today and sellers stepped in quickly. The rejection was pretty sharp, with Nasdaq giving back around 300 points from the highs.
The market is still trying to balance strong AI/tech momentum with a few new risks coming back into focus. Oil keeps moving higher, and geopolitical headlines around the Strait are adding another reason for traders to stay cautious.
I’m not reading too much into one move, but this is the type of area where price action tells the story. If buyers can’t reclaim those highs, a little more cooling off wouldn’t surprise me.
Keeping an eye on the close and how different sectors react.
Which stocks would you avoid today?
See you after the market closes.
