QQQ Weekly Top: Is This Jan 2022 Again?Invesco QQQ Trust Series IBATS:QQQIvanLabrieEveryone's reading this week's drop in QQQ as a dip to buy in a strong uptrend. Here's what that read misses: the weekly signal already flipped down, price closed under the level it had been defending, and the whole structure rhymes with the January 2022 top. QQQ printed a -4.16% weekly bar and closed at 695.33, back under the 1st Warsh FOMC key level at 731.62. That level is the median of the price range around a wrecking-ball new Fed chair's first FOMC, so it bakes in the whole event: the expectations going in, the reaction on the day, and the digested read once analysts and real flows had weighed in. It is where the positioning of everyone trading that regime reset settled, which is why the tape keeps defending it. Losing it on the weekly close is the tell. From here the weekly signal projects a sequence of targets stepping lower: 665.25, then 609.61, 558.37, 511.44 and 468.45. This is not happening in isolation. SPY closed the same week under its own Warsh line at 745.41, so the Nasdaq is leading the whole complex down as the AI-capex trade re-rates. The path from here is two-sided. As long as QQQ holds under 731.62, the targets stay live and the January 2022 analog is the roadmap into the fall, first stop 665.25. The way this call is wrong is simple: a weekly close back above 731.62 reclaims the level and puts the buyable-dip read back on the table. The weekly signal already turned. 731.62 is the number that proves it wrong. Cheers, Ivan Labrie.