QQQ bearish target for the week based on S/R levels was $548
$Invesco QQQ(QQQ)$ : The ETF spent the entire week consolidating around the $552 central level. My bearish target for the week based on S/R levels was $548.
Indeed, the price did dip below the central level, with the week's low reaching $549.5; very close to the target before bouncing. However, the subsequent bounce was shallow, which reinforces the thesis that the market is still in a consolidation phase.
Looking ahead, the volume shelf marked "A" is forming a good near-term support zone. The stronger support, however, is the shelf marked "B," which could come into play if the price retraces in August, as it has in the previous two years.
Oscillators are due for a reset.
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