QQQ Sep 23 – Bulls in Control, Eyeing 605–608 Zone
Invesco QQQ Trust Series I BATS:QQQ
Price Action & Setup (1-Hour Chart)
QQQ has been in a clean uptrend since mid-last week, now consolidating near 602 after a strong run. The chart shows a rising channel with immediate support at 600 and stronger demand near 596. As long as QQQ holds above 600 on hourly closes, the structure favors a grind higher toward 605 and 608.
Momentum Read
MACD remains positive though histogram bars are starting to flatten, hinting at short-term cooling. Stoch RSI is still elevated near 80+, suggesting a brief pause or sideways action before the next push.
* Highest positive GEX / Call resistance: around 604–605
* 2nd Call Wall: around 602 with 92% call concentration (now acting as support)
* Next Call Wall: near 608
* Key Put Support: around 596 A steady bid above 602 forces market makers to hedge higher, which can drive QQQ into the 605–608 range.
Trading Plan
* Upside continuation: Go long on a confirmed close above 602.8 with target 605–608. Stop under 600.
* Dip buy: If QQQ retests 600 or 596 and holds with volume, that’s a favorable reload zone.
* Bearish scalp: Only if 596 breaks hard, with potential quick drop toward 590.
Option Angle Short-dated calls in the 605–608 strike range look solid if 602 support keeps holding. For hedges, puts around 596 are worth watching if breakdown confirms.
Bottom Line Trend stays bullish above 600. A breakout through 602.8–605 can accelerate momentum to 608. Failure to hold 596 would be the first caution signal for bulls.
Disclaimer: This is for educational discussion only and not financial advice. Always do your own research and manage risk.
source https://www.tradingview.com/chart/QQQ/aWR47kmi-QQQ-Sep-23-Bulls-in-Control-Eyeing-605-608-Zone/
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