QQQ "Catch-up" Potential for Bullish Continuation

This chart is a strong cup & handle breakout, pending confirmation above $600

• If confirmed then target $633-$646
  

1. The double top (bearish) is only valid if price fails $600 & reverses sharply
2. Healthy bull trend with consolidation at resistance

• Ascending triangle is tightening under $600, ready for breakout
  
• Cup & handle is a longer-term bullish continuation pattern
  
• The chart is shifting from a topping risk into a potential breakout setup, but $600 must prove itself; either, as a ceiling (rejection) or a launchpad (breakout)
  

The cup & handle is the more dominant pattern because the handle was shallow & orderly & price is retesting the neckline directly instead of rolling over, but the double top risk only disappears if QQQ decisively clears $600 with volume

• Above $600 with strength = breakout
  
• Rejection under $600 with bearish candles = double top still alive
  
• Neutral small candles = consolidation, wait for direction
  

The candles suggest bullish consolidation under resistance

• If NVDA joins, it could be the catalyst to print the breakout candle above $600
  

Why NVDA isn’t leading today?

• Regulatory uncertainty/negative news spillover (from China restrictions) is creating hesitation among investors (future headwinds weigh on sentiment)
  
• NVDA has had a very strong run recently so some traders are likely booking profits or rotating into other names perceived to have higher recent upside or less regulatory risk
  
• Lower volume suggests weaker conviction among buyers
  
• NVDA seems to be bumping up against resistance or nearing levels where sellers are more active so without a catalyst (positive news or breakout), it may just drift until something shifts
  

Also, since other tech/AI/semiconductor names may have more “catch-up” potential, capital might be rotating out of NVDA into them