Key Takeaways

The Invesco QQQ Trust ( QQQ ), an exchange-traded fund (ETF) that tracks the Nasdaq 100 index , plunged early Thursday after President Trump imposed 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 the tariffs were announced . Investors worry 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 tariff uncertainty , significant AI spending and moderating Big Tech earnings. The QQQ was down more than 4% at around $426 shortly before the opening bell.

Below, we take a closer look at the QQQ fund’s chart and apply technical analysis to identify key price levels worth watching out for.

Recent Bullish Momentum Shift in Jeopardy

Since setting its record high in mid-February, the QQQ fund has trended sharply lower, forming a classic double top pattern in the process.

Importantly, increasing trading volume has accompanied the move lower, indicating active selling by index-tracking market participants like 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 watched level. However, the recent bullish momentum shift looks in jeopardy.

Let’s analyze the QQQ fund’s chart to identify key 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 , which also closely align with troughs in May and September.

Selling below this level brings key support at $430 into play. Investors who seek buy-and-hold positions in the fund could look for entry points in this region near a trendline that connects a range of trading levels on the chart between January and 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 high of the recent upswing high.