If we add up all the bearish headlines in the market right now, QQQ could see a pullback of about 10%. That would mean a drop from the Oct. 29 high of $637 down to the 575–576 area.
The main risks are:
1. Inflation may rise again, and U.S. bond yields stay high.
2. The chance of Fed rate cuts goes down, and the policy outlook becomes uncertain.
3. Big tech earnings may cause volatility, especially NVDA.
4. Deleveraging increases.
5. Liquidity in crypto and U.S. stocks moves lower at the same time.
6. VIX moves back above 20, showing lower risk appetite.
From a price-action view, the push-down failure at QQQ 600 on Nov. 14 is a short-term positive sign for bulls. It means a possible bounce in the near term.
But—if QQQ cannot break above 619, the trend is still a lower high structure. As long as lower highs form, the chance of making a lower low stays high.
If QQQ falls below 600 again, the next support is 575–576, which matches a full 10% correction from the 637 high.
🧭 Summary
QQQ breaks above 619 → bulls start to repair the structure.
QQQ drops below 600 → next level is 575–576 (about a 10% pullback).
Until bulls fully fix the structure, the market remains fragile.
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