The Invesco QQQ Trust (QQQ), an excꦇhange-traded fund (ETF) that tracks the Nasdaq 10🍸0 index, plunged early Thursday after President Trump imposed 澳洲幸运5官方开奖结果体彩网:sweeping reciprocal tariffs yesterday. .

The fund’s top three holdings—iPhone maker Apple (AAPL), software giant Microsoft (MSFT), and AI favorite Nvidia (NVDA)—all suffered steep after-hours losse🍰s🐽 as the tariffs were announced. Investors worry the new duties may inflate man🐲ufacturing costs and consumer prices, both of w🐼hich could weigh on corporate profits.

Prior to today’s premarket slide, the QQQ fund had tumbled 7% since the start of the year amid concerns over 澳洲幸运5官方开奖结果体彩网:tariff uncertainty, significant AI spending and moderating Big Tech earnings. The QQQ was down more than 4% at around $426 shortly befℱore the opening bell.

Below, we take a closer look at the QQQ fund’s chart and apply 澳洲幸运5官方开奖结果体彩网:technical analysis to identꦚ꧃ify key price levels worth watching out for.

Recent Bullish Momentum Shift in Jeopardy

Since setting its 澳洲幸运5官方开奖结果体彩网:record high in mid-February, the QQQ fund has trended sharply lower, forming a classic 澳洲幸运5官方开奖结果体彩网:double top pattern in the process.

Importantly, increasing 澳洲幸运5官方开奖结果体彩网:trading volume has accompanied the move lower, indicating active selling by index-tracking market participants like 澳洲幸运5官方开奖结果体彩网:institutional investors and pension funds.

Earlier this week, the fund’s price slumped beneath the mid-March low before staging an intraday reversal to close above that cl🀅osely watched level. However, the r༺ecent bullish momentum shift looks in jeopardy.

Let’s analyze the QQQ fund’s chart to identify key 澳洲幸运5官方开奖结果体彩网:support and resistance levels that investors may be monitoring.

Key Support Levels to Watch

A decisive close beneath this week’s low could see the fund initially decline to around $448. The area on the chart would likely provide support near last year’s March peak, which also clos🍸ely 🌱align with troughs in May and September.

Selling below this level brings key support at $430 into play. Investors who seek 澳洲幸运5官方开奖结果体彩网:buy-and-hold positions in the fund could look for 澳洲幸运5官方开奖结果体彩网:entry points 😼in this region near a trendline that connects a range of trading levels on the chart between January and Au🌳gust last year.

Interestingly, this location also sits in the neighborhood of a projected bars p🅘attern target that takes the fund’s impulsive move lower f🍨rom late February to early March and repositions it from the high of the recent upswing high.

Resistance Levels to Monitor

A close above the 澳洲幸运5官方开奖结果体彩网:200-day moving average (MA) could see the fund’s price test the $503 level. This location may provide overhead selling pressure near the mid-January trough and last year’s July peak. It’s also worth pointing out that this area roughly sits at the 50% 澳洲幸运5官方开奖结果体彩网:Fibonacci retracement level when applying a grid from thဣe ▨February high to March low.

Finally, a resumption of the fund’s longer-term uptrend may propel a move to around $537. Investors who have bought at lower levels may decide to 澳洲幸运5官方开奖结果体彩网:lock in profits in this area near the December and February peaks that mark the the QQQ ETF's double t🍰op.

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