Key Takeaways

The Invesco QQQ Trust ( QQQ ) tumbled Thursday after surging 12% yesterday following President Trump's announcement of a 90-day pause on many tariffs.

Wednesday's rally saw the tech heavy Nasdaq 100, the index that the exchange-traded fund tracks, post its biggest one-day gain since January 2001 at the height of the dotcom bubble .

The QQQ fund has closed lower six out of the last eight weeks and trades down about 13% since the start of the year, though Wednesday’s relief rally pared the lion’s share of the ETF’s post-" Liberation Day " losses. Tariff uncertainty, coupled with concerns over AI spending and slowing corporate earnings , have weighed heavily on the fund in recent months.

Below, we zoom out by taking a closer look at the QQQ fund’s weekly chart and use technical analysis to identify crucial price levels worth watching out for.

Volume Spike Amid Tariff-Driven Price Swings

Since minting its record high in mid-February, the QQQ fund slumped as much as 26% before yesterday’s impressive reversal, placing the correction in the same neighborhood as the 31% Covid-19 -induced drop between mid-February and late March of 2020.

It’s worth pointing out that the fund has registered its highest weekly volume since May 2022, possibly indicating capitulation selling before larger market participants returned from the sidelines looking for buying opportunities after the steep sell-off.

Moreover, Wednesday's bullish reversal coincides with the relative strength index (RSI) climbing out of oversold territory. However, the indicator remains below the 50 threshold, a level that signals neutral price momentum.

Amid the potential for further tariff-fueled price swings, let’s identify crucial support and resistance levels on the QQQ fund’s chart that investors may be watching. We’ll also predict a longer-term upside target using bars pattern analysis.

Crucial Support Levels to Watch

The QQQ was down 5% at about $442 around midday Thursday.