The Invesco QQQ Belief (QQQ), an exchange-traded fund (ETF) that tracks the Nasdaq 100 index, plunged early Thursday after President Trump imposed sweeping reciprocal tariffs yesterday. .

The fund’s prime three holdings—iPhone maker Apple (AAPL), software program big Microsoft (MSFT), and AI favourite Nvidia (NVDA)—all suffered steep after-hours losses as the tariffs were announced. Buyers fear the brand new duties could inflate manufacturing prices and client costs, each of which may weigh on company earnings.

Previous to at this time’s premarket slide, the QQQ fund had tumbled 7% for the reason that begin of the 12 months amid issues over tariff uncertainty, vital AI spending and moderating Massive Tech earnings. The QQQ was down greater than 4% at round $426 shortly earlier than the opening bell.

Under, we take a more in-depth take a look at the QQQ fund’s chart and apply technical analysis to establish key worth ranges value watching out for.

Latest Bullish Momentum Shift in Jeopardy

Since setting its record high in mid-February, the QQQ fund has trended sharply decrease, forming a basic double top pattern within the course of.

Importantly, rising trading volume has accompanied the transfer decrease, indicating lively promoting by index-tracking market members like institutional investors and pension funds.

Earlier this week, the fund’s worth slumped beneath the mid-March low earlier than staging an intraday reversal to shut above that carefully watched stage. Nonetheless, the current bullish momentum shift seems to be in jeopardy.

Let’s analyze the QQQ fund’s chart to establish key support and resistance ranges that buyers could also be monitoring.

Key Help Ranges to Watch

A decisive shut beneath this week’s low may see the fund initially decline to round $448. The realm on the chart would seemingly present help close to final 12 months’s March peak, which additionally carefully align with troughs in Might and September.

Promoting under this stage brings key help at $430 into play. Buyers who search buy-and-hold positions within the fund may search for entry points on this area close to a trendline that connects a spread of buying and selling ranges on the chart between January and August final 12 months.

Apparently, this location additionally sits within the neighborhood of a projected bars sample goal that takes the fund’s impulsive transfer decrease from late February to early March and repositions it from the excessive of the current upswing excessive.

Resistance Ranges to Monitor

An in depth above the 200-day moving average (MA) may see the fund’s worth check the $503 stage. This location could present overhead promoting stress close to the mid-January trough and final 12 months’s July peak. It’s additionally value declaring that this space roughly sits on the 50% Fibonacci retracement level when making use of a grid from the February excessive to March low.

Lastly, a resumption of the fund’s longer-term uptrend could propel a transfer to round $537. Buyers who’ve purchased at decrease ranges could resolve to lock in profits on this space close to the December and February peaks that mark the the QQQ ETF’s double prime.

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As of the date this text was written, the writer doesn’t personal any of the above securities.