There is a lot going on in this Intermediate Term chart of QQQ, but what stands out the most are two levels of support converging just below current prices. The trend line up from the March 2020 "Covid," lows has provided support from March 2021 through early May. The ATR trend line comes in right at that same trend line, a double whammy if broken. With QQQ trading today at about $330, that MAJOR SUPPORT is at about $325. Some of the Nasdaq leaders of the past 12 months are in the process of, or have already already broken down, including TSLA, TWTR, PYPL, SQ, NVTA and PLTR. The Nasdaq is knocking on the door of an Intermediate Term breakdown, likely retracing much of the past 12 month of gains: $320 to $180 possible. Standing-by.
