QQQ hits its monthly target down after losing its October pivotInvesco QQQ Trust Series IBATS:QQQmyfractalrangeQQQ closed Wednesday at 728.95, under its October and Q4 pivot at 742.58, which turned the monthly and quarterly bias down while the yearly bias still points up. It also closed below the bottom of its short-term range, on the same day as the big tech and semiconductor ETFs. Thursday’s open went straight to the next level below: the monthly target at 718.40 printed in the first minutes, with QQQ trading around 716 at the time of writing. That is where a short-side process takes profits rather than adds. The next level below is the quarterly target at 698.98. The trend is still bullish, so this is a pullback inside an uptrend until proven otherwise. A daily close back above 742.58 would turn both shorter biases up again.