In a light volume Thanksgiving week where not much news in the Macro environment is coming out in the U.S to change the outlook, the QQQ’s have found support at last week’s low and are trading in last week’s range.
In the past, Thanksgiving week have been very choppy and volatility higher as most traders take the week off. Perhaps there’ll be some surprises in store over the next couple of days.
For QQQ, last week’s low was $280.72, the QQQ’s pierced through that level slightly and bounced right back above $282.50.
Friday’s low of $282.32 will be an important pivot level today. Above it the next target would be the $284/$285 area which was prior resistance. Above that the next level is $288/$289 resistance and then the $294 area.
Below $282.32, last week’s low was $280.72 which found buyers again this morning. Below this $280 area, the next targets are $276 and then the $272/$270 support level below that.
Due to less market participants, thanksgiving week can bring about some fireworks and interesting moves.