The QQQ daily chart currently reflects a notable shift in momentum, with large bars and fast price action indicating heightened volatility. Both short-term and intermediate-term swing pivot trends have turned downward, confirmed by the most recent pivot low at 613.55 and a series of lower highs and lower lows. Resistance is established at 637.01 and 624.86, while support levels are layered below at 613.55, 600.13, and further down, suggesting a stair-step pattern of potential downside targets. Short-term and intermediate-term moving averages (5, 10, and 20 day) are all trending down, reinforcing the bearish bias in the near term. However, the 55, 100, and 200 day moving averages remain in uptrends, indicating that the broader, long-term structure is still bullish and the current move may be a corrective phase within a larger uptrend. The ATR is elevated, and volume is robust, both pointing to increased participation and volatility, which is typical during corrective or transitional phases. From a futures swing trader’s perspective, the market is in a corrective pullback within a longer-term uptrend. The current environment is characterized by a strong short-term and intermediate-term downtrend, with price testing key support levels. The market is likely in a consolidation or retracement phase, with the potential for further downside until a reversal signal or a strong support reaction emerges. The overall structure suggests monitoring for signs of stabilization or reversal at support, while respecting the prevailing bearish momentum in the short and intermediate term.