QQQ Testing Resistance Levels! Critical Zones to Watch for Jan23

Technical Analysis (TA) for Trading:
* Trend Overview: QQQ has shown steady upward momentum recently, forming a rising wedge pattern on the 1-hour chart. However, it's now testing the upper trendline, signaling potential consolidation or reversal.

* Key Support and Resistance Levels:
* Immediate Resistance: $533.82 (recent high).
* Intermediate Support: $520 (aligned with the second PUT wall and historical support).
* Major Support: $499.70 (a critical level and PUT support zone).

* Indicators:
* MACD: Displays a bearish crossover, suggesting a loss in bullish momentum.
* Stochastic RSI: Dips into oversold territory, indicating a possible bounce if buyers step in.

* Volume: Declining during the latest pullback, which may indicate a lack of strong selling pressure.

GEX Analysis for Option Trading:

* Call Gamma Walls:
* Strong Resistance: $535 (60.76% GEX).
* Next Resistance: $540 (47.79% GEX).

* Put Walls:
* Support Levels: $520 (-42.76% GEX) and $500 (-48.06% GEX).

* Implied Volatility (IV):
* IVR: 10.1.
* IVx Average: 17.3.

* Sentiment:
* Puts account for 21.1%, while GEX sentiment remains slightly negative, hinting at cautious outlooks from options traders.

Trade Setups:
1. Bullish Scenario:
* Entry: Above $533.82.
* Target: $540.
* Stop-Loss: $530.

2. Bearish Scenario:
* Entry: Below $528.
* Target: $520.
* Stop-Loss: $532.

Actionable Insights:
* Watch for a breakout above $533.82 with strong volume to confirm bullish continuation.
* A break below $528 could signal a bearish pullback to test $520 support.

Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always perform your own research before trading.