QQQ, along with the SPY and DIA, are now well above the February lows. Shorts are likely trapped now and may start to cover their positions. As a result, I think we will continue to move upwards towards the 170 level (another 5% up or so), until we start our next leg lower.
Since we’ve broken down below the February lows on high volume, I think we will move lower for 2019 and work our way down to 135 or 110.
Here’s the SPY on the monthly chart. The two levels of support are at around 215 and 180. 180 is a much stronger support level, and I think we could test 180 in 2019.
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