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Scott Redler, chief strategic officer at T3 Live and T3 Trading Group, notes that QQQ is trading near a major support area between $686 and $688.
Redler cautions that if this range does not hold, there could be a significant move to the downside.
Redler previously analyzed a pullback in S&P 500 futures as the SPY tested the $747 level, noting changes in sentiment around semiconductor and value tech stocks in his recent market commentary. He has also provided pre-market updates on names including SPCX, MU, and SNDK in his latest newsletter preview. These updates offer additional context to his observations on major support areas.