The Q's Look To Re-Test Previous Macro Resistance (as support)

Here we are looking at the Q’s on the Daily TF…

As you can see, we will be analyzing QQQ’s breakout from its macro downwards sloping resistance which dates back to January of 2022. After a full year of being rejected from this downwards sloping resistance, QQQ broke out in January of 2023.

What should we expect now?

As marked by the horizontal (yellow) line, the Q’s are currently at a strong local resistance. While price can continue to interact with this zone over the next couple of days, I expect it to continue on down and re-test the previous resistance as potential new found support. If it can, get a bounce from previous resistance (as support) and make a new high, the break out will be validated.

I will continue to monitor this chart, and will update this chart as it develops!

Let me know in the comments if you have any questions or thoughts as they pertain to this idea!

Cheers!