$QQQ (Nasdaq 100) – Similar Range Breakout From July 2022 May Be

Tech and growth names have been hard hit since the start of 2022 by a rapid rise in Treasury yields on the back of expectations that the Fed will hike interest rates aggressively to combat high inflation as higher rates can hurt their companies with high valuations based on the prospect of future profits.

The tech-heavy QQQ came down lower with a loss of -1.09%, sitting on the pivot support of the highlighted consolidated range. At the current juncture, QQQ remains above its rising 10/20-day moving average..

The support level to watch for QQQ this week is revised up to 274, undercutting its current rising 10/20-day moving averages.

Bull Case: Reclaim above 293 the immediate classical resistance.

Bear Case: Breakdown of 274 level, undercutting its current 10/20-day moving averages.. The next support level is at 260.