The Invesco QQQ Trust (QQQ), an eಌxchange-traded fund (ETF) that tracks the Nasdaq 100 in🔜dex, plunged early Thursday after President Trump imposed 澳洲幸运5开奖号码历史查询:sweeping reciprocal tariffs yesterday. .

The fund’s top three holdings—iPhone maker Apple (AAPL), software giant Microsoft (MSFT), and AI favorite Nvidia (NVDA)—all suffered steep after-hours losses as t🍌he tariffs were announced. Investors wor♛ry the new duties may inflate manufacturing costs and consumer prices, both of which could weigh on corporate profits.

Prior to today’s premarket slide, the QQQ fund had tumbled 7% since the start of the year amid concerns over 澳洲幸运5开奖号码历史查询:tariff uncertainty, significant AI spending and moderating Big Tech earnings. The QQQ was down more than 4% at around $426 shortlᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚy before the opening bell.

Below, we take a closer look at the QQQ fund’s chart and apply 澳洲幸运5开奖号码历史查询:technical analysis to identify key price levels worth watching oღut for.

Recent Bullish Momentum Shift in Jeopardy

Since setting its 澳洲幸运5开奖号码历史查询:record high in mid-February, the QQQ fund has trended sharply lower, forming a classic 澳洲幸运5开奖号码历史查询:double top pattern in the process.

Importantly, increasing 澳洲幸运5开奖号码历史查询:trading volume has accompanied the move lower, indicating active selling by index-tracking market participants like 澳洲幸运5开奖号码历史查询:institutional investors and pension funds.

Earlier this week, the fund’s price slumped beneath the mid-March low before staging an intraday reversal to close above that closely watc♌hed level. However, the recent bullish momentum shift looks in jeopardy.

Let’s analyze the QQQ fund’s chart to identify key 澳洲幸运5开奖号码历史查询:support and resistance levels that investors may be monitoring.

Key Support Levels to Watch

A decisive close beneath this week’s low could see the fund initially decline to around $448. The area on the chart would likely provide support near last year’s March peak, w꧃hich also closely align with troughs in Ma🍰y and September.

Selling below this level brings key support at $430 into play. Investors who seek 澳洲幸运5开奖号码历史查询:buy-and-hold positions in the fund could look for 澳洲幸运5开奖号码历史查询:entry points in this region near a trendline that connects a range of trading levels on the chart between January an꧋d August last year.

Interestingly, this location also sits in the neighborhood of a projected bars pattern target that takes the fund’s impulsive move lower from late February to early March and repositions it from🥃 the highღ of the recent upswing high.

Resistance Levels to Monitor

A close above the 澳洲幸运5开奖号码历史查询:200-day moving average (MA) could see the fund’s price test the $503 level. This location may provide overhead selling pressure near the mid-January trough and last year’s July peak. It’s also worth pointing out that this area roughly sits at the 50% 澳洲幸运5开奖号码历史查询:Fibonacci retracement level ☂when applying a grid from the February high to March low.

Finally, a resumption of the fund’s longer-term uptrend may propel a move to around $537. Investors who have bought at lower levels may decide to 澳洲幸运5开奖号码历史查询:lock in profits in this area near the D🦩ecember and February peaks that mark the the QQQ ETF's double top.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our 澳洲幸运5开奖号码历史查询:warranty and liability disclaimer for more info.

As of the date this article was written, the author does not own any of the above securities.