Notes for Trading QQQ (Week of October 9):

Closing Price (Oct 6): QQQ closed at 364.70

Support:
362.70
358.58 - 357.50
347.36 - 346.07

Resistance:
366.21
368.91 - 369.71
371.72 - 372.85


Support:

• Initial support at 362.70, aligning with the 38.2% retracement.

• Subsequent support zone spans from 358.58 to 357.50.

• Favorable risk-reward opportunity at the final support zone from 347.36 to 346.07—considered a potential turning point.


Resistance:

• Primary resistance stands at 366.21, corresponding to the 50% retracement.

• Noteworthy resistance zone between 368.91 and 369.71 (61.8% retracement).

• Identified cash-out zone at 371.72 to 372.85, coinciding with the downward trend line from 2023 highs.