QQQQ at 1 Year Trendline Support

The QQQQ feel to a 161.8% retracement level today that is also close to the 1 Year Uptrend Line. This move down was proceeded by a bearish wedge pattern on the daily Chart. This level has held with the exception of the Aug fall where it spent just 2 days below this area.

Tomorrow's earnings reports may be the deciding factor on whether this support area holds or not.

As of last Friday, the QQQQ was attempting to put in a higher low, but those dreams were wiped out today. With the break of that level, the intermediate bias is neutral based on the last 3 months of price action. I'll be watching that trendline very carefully.

QQQQ Daily Chart