Chart of the Day - Monday, April 7, 2025

🏆 Today's Chart of the Day was shared by Ian McMillan (@the_chart_life).
 

• The Nasdaq 100 ($QQQ) closed slightly higher by +0.2%  on Monday after clawing back a -4.8% intraday loss. Despite today's reversal, $QQQ remains -21.5% off its February peak on a closing basis. 
   
• Ian pointed out that $QQQ found support at the prior cycle highs before rebounding today. $QQQ doubled-topped at this level in Q4 2021 before entering into the grueling bear market of 2022. 
   
• Bull and bear markets are more subjective than the media's definition of a 20% advance or decline. However, if the Nasdaq loses its prior cycle highs, it will further prove that the regime has changed from bullish to bearish. 
   

The Takeaway: The Nasdaq 100 ($QQQ) closed slightly higher today after successfully retesting its 2021 highs. If $QQQ loses this pivotal level, it will be further evidence that a new bear market has begun.