Dave Barnhart breaks down QQQ price action, including a 5.2M share print and selling pressure around $729.78. Key support sits near 720, with potential downside targets toward 706 if it breaks below 718.
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largest trades. Well, in the last month we had this consolidation here, but the big thing I talk about this, we did this in the video the other day. We've got this print here, 2.4 million. We upthrusted, and then yesterday the late print. So this one here, 5.2 million shares, it says August 18th, doesn't match this candle. This is a late print that should have been in the previous day's candle. Anyway, they were showing us their hand yesterday, $4 billion Looks like selling at $729.78, and it was a nice $10 gap down. We're sitting on the 15 exponential moving average, so we're— this print here, $720.65, is the resistance now. So let's see if we can break above this 4 and 8 exponential moving average. We could maybe get back up to this print here. This seems to be a little bit of support here. If we break below, maybe it's the 50. Simple or down here to the whatever this one is, and then the yellow one potentially in here in this range. So let's go ahead and look at that on the intraday with my pivots and cams. We're going to be bullish above 720. This is a 200 simple moving average, so we want this pivot here, this cam, to be support. So 720.93, so 65 and the 93 is resistance, and then 721.12. Then we've got 723.73, the cam 724.73 is R2. $727.50, $729.78 is the 5.2 million from there, and $730.94 or 3. So that's giving us about a 10-point move. The ATR is about 12 at the moment, 12.25. So on the downside, we're going to be bearish below $718. You can see we're about to test that here. We've got this upthrust at the 200, and then we've got these 3 pivots sitting right here. So let's see if we hold. $718 becomes resistance, that's our entry. $716.94, $716.38, This is the pre-market— post-market support level, 715.80, 714.91. You can see that 714.09, 712.31 is S2. So this is a little bit difficult on the downside. It's doable. And then S2, 711.29. Then we've got 710 and 706.18 is S3, which is usually oversold, getting us down here to about 706.
