Cautious Outlook; Tech Resistance

The recent price action in QQQ highlights ongoing sector rotation and a challenging technical picture for Technology. After a sharp selloff earlier in the week, QQQ managed a significant rebound on Friday, February 6th, closing near the highs of the day. However, this rally faces immediate resistance near the $609-$611 level. A decisive break above $618 is needed to signal a clearer bullish resumption. The journal entries note that while the broad market retains strength, persistent weakness in software and large-cap tech is a concern. The failure to recoup key levels could lead to a test of last week's lows near $595. The short-term outlook remains cautious, requiring more evidence of strength to confirm a sustainable move higher.

SOURCE: AI

TICKER: QQQ