$QQQ · Verified Investing · 2026-11-03

as well as the " Spiders" fund for the S&P 500 and Nasdaq indexes, all of which have remained positive.

We now move on to the Nasdaq 100 index with the QQQ fund. You can see that today was also positive with an increase of 0.62%. This level remains the dividing line despite the one-day closure.

Well, going back to the charts as I mentioned, yesterday's selling pressure was not good for the Nasdaq index. We closed below the lowest price level of the previous trading day .

All of this increases the likelihood of further decline. We did not see a continuation of the movement today, with the price moving below yesterday's daily candle. Therefore, this support, as I mentioned earlier, is still effective and is keeping the price stable.

This often happens where price action can break through trend lines, and such a breakout of support means things are going well so far and maintaining their strength. What I want to draw your attention to now is going back a little bit to this low pivot on QQQ.

Also note the lower part of this parallel channel. If selling pressure resumes after this support level breaks down, then I see a high probability of a medium- term rebound on the Nasdaq.

If the price manages to drop to this lower range of the parallel channel at the level of approximately $660. Here I see that we could get a sustained bounce that might push us towards the $700 range.

First , I want to see the selling pressure resume so that we can get that anticipated bounce back. Ultimately, you can make a lot of money if you can identify the bottoms and then grab all those profits as the price rises again on the chart.