Invesco QQQ Trust Series 1

  • QQQ

  • $504.29

  • -0.57%

  • $501.20

  • $504.30

  • $499.70

Ticker Appearances

Tue, December 24, 2024 | 12:09PM ET

⚡ FlashInsights

Tue, December 24, 2024 | 12:09PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
^SPX -0.19%  growing near short-term targets, higher by +0.70% on this holiday shortened session while QQQ -0.57%  up around 1%. Market breadth is around 2/1 positive, with Tech, Energy, Discretionary all up more than +0.50% and REITS are the only down sector of the major 11 Equal-weighted S&P 500 ETF's today. Equal-weighted SPX is up around +0.36%, roughly half of SPX gains and both TNX and DXY are marginally positive. SPX is thought to face strong resistance near 6035, only 16 points higher as bounce looks to have unfolded (currently) as a three-wave counter-trend bounce to the five-wave decline which ended last Friday morning. While it was thought that a bounce could happen from last Friday's lows, the real test will happen between now and end of year as the near-term technical structure is not as ideal as what many might think given the rapid snapback. Important areas of support are found at SPX 5902, while 516 is important for QQQ. Any breach of these levels would result in a minor move back to new lows for December, which should mark an attractive entry point for a 1st Half rally in 2025. To have confidence of a continued push to new highs, than SPX will require a move back above 6055 while QQQ requires a move over 535. However, short-term resistance for QQQ lies at 530.9, roughly two points higher.
Tickers
Wed, November 27, 2024 | 1:26PM ET

⚡ FlashInsights

Wed, November 27, 2024 | 1:26PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
Fractional weakness in US Equities today which is nearly all been driven by Technology, which is down -1.9%. Five sectors are lower today while six are higher but no sector is down more than -0.20% today except for Technology. Meanwhile, REITS, Utilities and Healthcare are showing the best gains. For QQQ -0.57% , this failed in its initial attempts to join the SPX back at new highs, but cannot be called too bearish until/unless 499.50 is broken, which would undercut the rising uptrend line. The additional area of importance lies at 494.49, or near 11/15 lows, which has more structural importance
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Tue, November 26, 2024 | 12:55PM ET

⚡ FlashInsights

Tue, November 26, 2024 | 12:55PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
NVDA -2.50%  pulled back yesterday under 137 and is having a dampening effect on QQQ -0.57%  which has diverged a bit from all-time highs. Yesterday's break likely does lead NVDA down to 132 or even a bit lower to 128 before this stabilizes. NVDA is the largest stock within SPX by market cap and while Technology has rebounded this past week, Equal-weighted Tech has done far better than Large-cap Tech and "Magnificent 7" by nearly 300 bps this past week in performance. The key takeaway here is that Cyclicals are outperforming while big-Cap Tech has lagged lately
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