Chart of the day

Where do we stand fundamentally?

There's a general optimism around tech stocks, with QQQ gaining from this sentiment. The ETF's performance is also influenced by the broader market's reaction to AI and tech sector developments. For instance, Oracle's "Stargate" AI plan announcement has been a positive catalyst for tech shares, including those within the QQQ.

QQQ is testing 531, now acting as strong upside resistance for a continuation higher above 550. This is strong near-term resistance for an upside continuation, and we need to see a breakout higher for an extension to 550-600. A break below 520 can invalidate a third long-term wave extension higher.

We are in a possible terminal phase of an uptrend channel fifth wave with indicated resistance 531. A breakout above 531 will lead to an extension higher in the prolonged fifth wave.

_{You can take a near-term short-trade entry with an SL above 540 to target 490 and lower.}