The QQQ daily chart currently reflects a market in a corrective phase, with both short-term and intermediate-term trends pointing downward. Price action is characterized by medium-sized bars and slow momentum, indicating a lack of strong directional conviction. The swing pivot structure confirms a dominant downtrend, with the most recent pivot high at 621.68 and the next key support at 593.34. Resistance levels are stacked above, suggesting overhead supply and potential for further retracement if buyers do not step in. All key moving averages (5, 10, 20, 55, 100-day) are trending down, reinforcing the bearish bias in the short and intermediate term. The 200-day moving average remains in an uptrend, which tempers the long-term outlook to neutral, but price is currently below this level, highlighting a potential inflection point. ATR remains elevated, signaling persistent volatility, while volume metrics are steady but not extreme. The market appears to be in a consolidation or corrective pullback phase within a broader uptrend, as indicated by the long-term moving average. No clear breakout or reversal signals are present, and the price is trading within the monthly NTZ, reflecting indecision and a neutral bias on the session fib grids. For a futures swing trader, the environment is defined by choppy, corrective action with a bearish tilt in the near term. The focus should be on monitoring for signs of trend exhaustion or reversal at key support levels, or confirmation of continued downside if support fails. The overall setup suggests patience as the market digests recent moves and awaits a clearer directional catalyst.