$NVDA Tests Key Support as $QQQ Nears a Major Breakout
Big Tech and semiconductor leaders are approaching key technical levels that could determine the market's next directional move.
Here's what to watch for $NVDA, $MSFT, $SMH, and $QQQ as bulls and bears battle for control.
$NVIDIA(NVDA)$ is at a make or break position finding support at the volume shelf for now. A breach of the recent lows could trigger a move inside the shelf toward 178.
Recovering $200 (the high from Thursday) would suggest the gap at 207 is in process to be filled.
$VanEck Semiconductor ETF(SMH)$
$Microsoft(MSFT)$ and the entire Magnificent 7 are part of my permanent watchlist. Last week, I anticipated a move to $386 for a projected +3.4% gain; the target was surpassed with a +4.7% weekly move 🎯.
My setups include detailed price and time parameters, no gut-feelings. This and other setups are updated in the latest Weekly Compass. Get access using the link in bio.
$Invesco QQQ(QQQ)$ The series of lower highs and higher lows says a big resolution is coming. Breakout or breakdown?
For now, the 20DMA is curling down, (weak short-term trend), and the 50DMA is a line of defense. Any potential spike will face resistance at $718.5, key milestone for bulls.
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