Nasdaq 100 ETF QQQ Faces Volatility with 6% Decline; Key Support Levels at $460, $480, and VIX Below 16

As of July 22, 2024, the Nasdaq 100, represented by the QQQ ETF, has experienced significant volatility, with a nearly 6% decline from its all-time high. Market analysts are closely monitoring the QQQ's performance, particularly as it approaches critical support levels around $460 and $480. The VIX, a measure of market volatility, is also being watched, with analysts suggesting that a drop below 16 could support a potential bounce in the QQQ. Recent trading activity indicates a brief recovery, with a 2-point bounce observed off the daily value area, suggesting a possible bear trap forming intraday. However, the overall weekly outlook remains bearish, with caution advised if the QQQ breaks below $474, which could invalidate any long positions.