@ICMakesTrades

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Analysis

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Correct
56
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QQQ
Long Entry 625.5300 2025-12-07 23:58 UTC
Target 637.0100 Fail 616.0000
Risk/Reward 1 : 1
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QQQ
Stocks
Technical
1H
Analysis Predict Bull Market
The analysis centers on Amazon (AMZN) and the broader market index QQQ, dissecting recent price dynamics and future trajectories. For Amazon, the current closing price is 229.53, positioned above a critical support at 228.29. A significant rally saw AMZN gain 20% over three weeks, peaking at 258.60, before a subsequent symmetrical pullback. The immediate objective for AMZN is a retest of the 239.03 resistance level. Sustained price action above 228.29 is crucial for bullish continuity; failure to hold this level risks a descent towards the 211.13 support. A higher low formation around 223.22 on the daily chart indicates underlying strength following a bounce from 215.18, suggesting that continued upward pressure is contingent on preserving current support. For QQQ, the market closed at 625.48, just below its all-time high of 637.01. A powerful bullish surge initiated during Thanksgiving week persisted, encountering selling pressure at the 626.61 resistance. The analysis posits that if QQQ can overcome and sustain above 626.61, it will likely retest 637.01. Conversely, a temporary pullback could seek support around 616.97, forming a higher low before a potential resumption of the bullish trend. The overall market sentiment for both assets leans bullish, provided key support levels are maintained, with an eye on breaking established resistance to reach new highs by the month's end.
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