QQQ was due for a pullback
$Invesco QQQ(QQQ)$ was due for a pullback, and a -2.5% drop occurred during the week from top to bottom.
The bearish target for the week at $588.5, which was shared with subscribers last week, worked with remarkable precision as support.
While the bounce on Friday looks promising for bullish continuation on Monday, the weekly price action ended up forming a candle that anticipates at least an intra-week lower low.
The 20DMA, currently at $585, is very likely to be visited next week.
A financial chart displaying the QQQ stock price movements. The chart includes candlestick patterns, a 20-day moving average line at $585, and weekly price action with a bearish target at $588.5. Text overlays show "QQQ Daily," "Weekly Candle: 602.57," and "559.97." A smaller chart below highlights additional technical indicators and price levels.
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