QQQ Testing Key Support & Anchored VWAP

QQQ has pulled back from recent highs toward a confluence of technical levels around 500. This area lines up with a notable horizontal support zone, a 0.382 Fibonacci retracement of the prior upswing, an anchored VWAP from a recent swing low, and is in close proximity to the 150-period EMA. These overlapping factors could provide insight into near-term market behavior.

Key Observations

• Confluence at 500: Horizontal support, 0.382 Fib retracement, anchored VWAP, and the nearby 150 EMA all converge at this level.
  
• Recent Pullback: QQQ’s multi-day decline has brought it into this zone, making price behavior here potentially significant.
  
• Market Reaction: How price interacts with this confluence could reveal shifts in buying or selling pressure, as reflected in volume and candlestick patterns.