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QQQ premarket suggests gap down directly into support ~$593.20

On Monday, October 13th 2025, the Invesco QQQ ETF made a resilient effort to recover back towards $603 after creating a gap up from the $590’s.

As we open the markets today, the premarket tells a completely different story; we are expected to once again, create a gap – this time back down – towards the previous gap created at $593.24 – $597.23.

As ironic as this can be, this can be somewhat confusing for traders:

“So are we bullish or not? Yesterday’s weekly open gap surely is a bullish one… right?”

Let’s dive into the technicals and fundamental factors to consider.

Fundamentals are Shaky, technicals are neutral-bullish

From last week’s drop, QQQ has actually formed a hidden bullish divergence. While this hints at bullish continuation of the undeniably strong uptrend, the macro-economic conditions are shaky:

  • US has once again suggested at a 100% Tariff on China.

  • Powell is speaking this week, and that alone is enough to make the markets nervous.

If Powell even hints that the rate-cut path could slow down, yields could spike and crush tech sentiment in the short term. On the other hand, a dovish tone would likely trigger another squeeze in risk assets, and QQQ’s RSI setup could fuel that move fast.

QQQ 1H chart overview (For weekly outlook)

Chart

From a structural view, QQQ’s caught right between key levels. $603.85 is our most immediate resistance to conquer, while the $593.24–$597.23 gap below is where the premarket is aiming.

Beneath that, $589.05 is the last line of defence, lose it, and we’re likely sliding toward $580–$582, where a further breakdown would indicate a trend shift.

If that happens, $555–$560 becomes the price target (Rising wedge target) and gap fill from August; which would be the worst-case scenario for bulls, but is not the base case for this analysis.

Technically, bias still leans slightly bullish, but we advise caution due to fundamental factors.

The hidden RSI divergence is intact, hinting at a bounce if the $593 gap holds. A clean recovery from that area could trap shorts just before Powell’s speech.

Author

Zorrays Junaid

Zorrays Junaid

Alchemy Markets

Zorrays Junaid has extensive combined experience in the financial markets as a portfolio manager and trading coach. More recently, he is an Analyst with Alchemy Markets, and has contributed to DailyFX and Elliott Wave Forecast in the past.

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