Market Structure & Price Action:
QQQ has broken out of a descending channel and printed a CHoCH to the upside around $471, shifting structure into a bullish stance. The breakout follows a clean reversal from the red demand zone near $463, suggesting institutional interest around that area. Price is now consolidating near $473.5–$474 after a strong 3-bar rally and retest of prior highs.
Supply & Demand Zones:
* Demand Zone (Support): $463–$465
* Supply Zone (Resistance): $495–$497 (unmitigated upper green zone)
Support & Resistance Levels:
* Immediate Resistance: $474 (minor psychological level, aligning with trendline retest zone)
* Major Resistance: $495–$497 (overhead supply)
* Support Levels: $470 > $465 > $463
Indicators:
* MACD: Still bullish, but showing some slowing momentum – histogram flattening.
* Stoch RSI: In overbought territory – may suggest short-term consolidation or pullback.
* Volume: Rising on the breakout, confirming strength.
Options GEX + Sentiment Analysis:
* Gamma Walls:
* CALL Wall (Resistant): $472 (64.62%) – Price is currently sitting above this wall.
* Next Gamma Cluster: $474–$476 (GEX9/GEX10) – Potential short-term magnet.
* PUT Wall Support:
* $465–$463 zone aligning with strong GEX put support and HVL (0DTE) – strong defense.
* IV Rank (IVR): 40.6
* Implied Volatility vs Average (IVx avg): IV is above avg at 3.27%
* Sentiment: PUTS 52.6% | GEX shows 🟢🟢🟢🟡 (Bullish leaning but hedged)
Trade Scenarios:
* Bullish Scenario:
* If QQQ holds above $472 and sustains above the GEX CALL Wall, we may see a move toward $476–$480.
* A breakout above $480 could open the door for a test of the $495–$497 upper supply zone.
* Bearish Scenario:
* Rejection at $474 and failure to hold $470 could push price back toward the $465–$463 demand zone.
* Breakdown below $463 would invalidate the bullish thesis in the short term.
Conclusion:
QQQ is showing strength after breaking the descending structure, and options positioning supports a slow grind higher unless it gets rejected at $474. Watch for consolidation or a clean breakout to confirm momentum continuation. Bulls want to defend $470 on any pullback.
QQQ has broken out of a descending channel and printed a CHoCH to the upside around $471, shifting structure into a bullish stance. The breakout follows a clean reversal from the red demand zone near $463, suggesting institutional interest around that area. Price is now consolidating near $473.5–$474 after a strong 3-bar rally and retest of prior highs.
Supply & Demand Zones:
* Demand Zone (Support): $463–$465
* Supply Zone (Resistance): $495–$497 (unmitigated upper green zone)
Support & Resistance Levels:
* Immediate Resistance: $474 (minor psychological level, aligning with trendline retest zone)
* Major Resistance: $495–$497 (overhead supply)
* Support Levels: $470 > $465 > $463
Indicators:
* MACD: Still bullish, but showing some slowing momentum – histogram flattening.
* Stoch RSI: In overbought territory – may suggest short-term consolidation or pullback.
* Volume: Rising on the breakout, confirming strength.
Options GEX + Sentiment Analysis:
* Gamma Walls:
* CALL Wall (Resistant): $472 (64.62%) – Price is currently sitting above this wall.
* Next Gamma Cluster: $474–$476 (GEX9/GEX10) – Potential short-term magnet.
* PUT Wall Support:
* $465–$463 zone aligning with strong GEX put support and HVL (0DTE) – strong defense.
* IV Rank (IVR): 40.6
* Implied Volatility vs Average (IVx avg): IV is above avg at 3.27%
* Sentiment: PUTS 52.6% | GEX shows 🟢🟢🟢🟡 (Bullish leaning but hedged)
Trade Scenarios:
* Bullish Scenario:
* If QQQ holds above $472 and sustains above the GEX CALL Wall, we may see a move toward $476–$480.
* A breakout above $480 could open the door for a test of the $495–$497 upper supply zone.
* Bearish Scenario:
* Rejection at $474 and failure to hold $470 could push price back toward the $465–$463 demand zone.
* Breakdown below $463 would invalidate the bullish thesis in the short term.
Conclusion:
QQQ is showing strength after breaking the descending structure, and options positioning supports a slow grind higher unless it gets rejected at $474. Watch for consolidation or a clean breakout to confirm momentum continuation. Bulls want to defend $470 on any pullback.
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.