After a weak day yesterday, the QQQ’s are testing yesterday’s low and are near the bottom of last week’s range. Apparently, we are noticing big tech companies like GOOGL, META starting to show up on the bearish chart setup, and definitely worth keeping an eye on. It is important that QQQ’s find some strength and trade back above $285 very soon. Last week’s low around the $280.50 area will be an important line in the sand.
Above it, the next targets are $284/$285 which was prior support and could now become potential resistance. Beyond that $287 and then $290 come into play. Below $280, $274 is the next potential support area, with the major $272/$270 level below that.
Airline stocks look bearish based on what we think most people who wanted to travel post-Covid, have already done so and may want to be spending the holidays at home, especially in the current economic climate.
Other companies in United Airlines Holdings’s (NASDAQ:UAL) space includes Alaska Air Gr (NYSE:ALK), Mesa Air Group (NASDAQ:MESA), JetBlue Airways (NASDAQ:JBLU), Gol Intelligent Airlines (NYSE:GOL) and Allegiant Travel (NASDAQ:ALGT).
