QQQ Forming Nice channel

Key Observations:
Uptrend Channel:

QQQ has been trading within a rising channel.

The price respects both the support (lower red trendline) and resistance (upper red trendline) consistently.

Recent Price Action:

There was a sharp drop that briefly broke below the lower trendline support but quickly rebounded back inside the channel, indicating a false breakdown or buying strength at support.

A horizontal red line marks a previous resistance level, now potentially acting as a support.

Current Price:

The price is around $567.22, near the middle of the channel, but just below the recent local high/resistance.

Implication:

As long as the price stays within the channel, the uptrend remains intact.

A confirmed breakdown below the channel support would be bearish, while a breakout above the channel resistance would be bullish.