Watch These QQQ Price Levels as Nasdaq 100 ETF at Record High Ahead of Big Tech Earnings

The Invesco QQQ Trust (QQQ) opened Tuesday near $563, slightly off its all-time high, as investors brace for a wave of tech earnings. Heavyweights Tesla (TSLA), Alphabet (GOOGL), and IBM (IBM) report after Wednesday’s close, while Intel (INTC) follows Thursday.

QQQ, which tracks the Nasdaq 100, has surged 40% since its April low and is up 10% year-to-date, buoyed by easing tariff concerns and resilient economic data.

Technical Outlook

• Breakout Pattern: QQQ recently broke out of a flag formation, entering price discovery mode.
• Near-Term Target: Using the measured move technique, analysts project a bullish target of $589.
• Support Levels: Key zones to watch include $540 (near the 50-day MA) and $515, both aligned with prior peaks and trendlines.

The Invesco QQQ Trust (QQQ) has entered price discovery mode after breaking out from a flag pattern late last month. This breakout was reinforced by a golden cross, where the 50-day moving average crossed above the 200-day MA, signaling a new bullish trend.

Momentum Indicators

• Relative Strength Index (RSI): Hovering near overbought levels since early May, confirming strong upward momentum.
• Measured Move Target: Applying the measured move technique, analysts project a near-term price target of $589.
• Support Levels to Watch: $540 — near the rising 50-day MA and prior peaks.
• Support Levels to Watch: $515 — aligns with a multi-month trendline from November to June.

Technical analysts use the measured move technique also known as the measuring principle to forecast price targets after a breakout. The method involves:

• Step 1: Measure the length of the prior uptrend before the flag pattern.
• Step 2: Add that distance to the breakout level to project the next target.

Example (QQQ):

• Prior uptrend: $53
• Breakout level: $536
• Projected target: $589 → roughly 4% above Monday’s close

This technique suggests QQQ could continue its bullish momentum if earnings and macro conditions remain favorable.

As QQQ trades near record highs, investors should watch for potential retracement zones that may offer entry points or signal trend reversals:

$540 Level:

• Sits just above the rising 50-day moving average (MA)
• Aligns with the top of the flag pattern and peaks from December and February
• Likely to attract strong buying interest on minor pullbacks

$515 Level:

• Represents a deeper support zone
• Anchored to a multi-month trendline connecting price action from November through June
• May serve as a strategic entry point during broader market weakness

These levels help traders manage risk and identify potential buy-the-dip opportunities in a volatile earnings week.