The QQQ daily chart currently reflects a market in transition, with short- and intermediate-term momentum favoring the downside. Price action is choppy, with medium-sized bars and slow momentum, indicating a lack of strong directional conviction. Both the short-term and intermediate-term swing pivot trends are down, with the most recent pivot low at 594.24 and the next significant resistance at 635.00. Multiple resistance levels cluster in the 630–637 zone, while support is found at 594.24 and further down at 580.74 and 561.86. All short- and intermediate-term moving averages are trending down, reinforcing the bearish bias for swing traders in these timeframes. However, the long-term trend remains bullish, as indicated by the 100- and 200-day moving averages still in uptrends, suggesting that the broader uptrend is intact despite the current pullback. Volatility is moderate (ATR 27.06), and volume is steady. The market appears to be consolidating after a recent sell-off, with potential for further downside tests before any significant reversal. Swing traders should note the prevailing bearish structure in the short- and intermediate-term, while keeping an eye on long-term support levels for signs of stabilization or a possible trend resumption.