The Nasdaq-100 (QQQ) has shown strong upside momentum recently, but appears technically overextended on the daily chart. After multiple consecutive green sessions and stretched RSI levels, there is a rising probability of a short-term pullback.
With limited economic data this Friday and potential profit-taking ahead of the weekend, we could see a “Red Friday” scenario. A 2% retracement would bring QQQ closer to near-term support levels, offering a favorable risk-reward for a short setup.
With limited economic data this Friday and potential profit-taking ahead of the weekend, we could see a “Red Friday” scenario. A 2% retracement would bring QQQ closer to near-term support levels, offering a favorable risk-reward for a short setup.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.