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📉 $QQQ is testing its first major Fibonacci support after the recent pullback. QQQ closed at $675.49 (-0.97%), extending its decline from the all-time high of $747.32. Based on the Fibonacci retracement from the 2022 low ($402.57) to the recent peak, price is now sitting just above the 23.6% retracement level at $665.96—a key area that often acts as the first line of support during a healthy correction. Key Levels to Watch 🟢 Support: $665.96 (23.6% Fibonacci) - Holding this level would suggest the broader uptrend remains intact. - A bounce from here could restore short-term bullish momentum. 🔻 If support fails: - 38.2% Fibonacci: $615.62 - 50% Fibonacci: $574.94 These become the next major downside levels if selling pressure continues. What's Driving the Weakness? The latest pullback has been fueled by renewed pressure in semiconductor stocks, with Nvidia falling nearly 5%, weighing heavily on the Nasdaq. Given QQQ's strong concentration in large-cap technology, it's naturally absorbing more of that downside than the broader market. Bigger Picture Despite the recent weakness, the multi-year uptrend that began in 2022 remains structurally intact. For now, this still looks like a retracement within a broader bullish trend, not a confirmed trend reversal. That outlook would only begin to change if deeper Fibonacci support levels start breaking on sustained selling pressure. #FedRateDecision #BigTechEarningsNight #SKHynixRecordMiss $BTC $ETH