QQQ is overbought; 1st Support at 195, 5.6% from the 206 peak

QQQ rallied 33% year-to-date, from 154.26 (12/31/2018) to 204.98 (close on 12/11/2019), driven the Fed rate cuts (three times). The ETF is currently overbought technically as shown in MACD sloping downward. As investors rotate into the cyclical underperformers (energy, materials, industrial, and consumer discretionary), QQQ could potential consolidate and pull back. The first level of support is at 195, prior highs/lows near 50 day MA (196) and 197 (32.8% retracement of 182-206 upswing).
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