Nasdaq-100 Index ETF
Investment Thesis
QQQ has broken below its 200-day SMA ($594.70) and is now staging a dead-cat bounce into that same level, which flips to resistance. Breadth has collapsed (only 28% of S&P 500 stocks above their 50-day MA), the QQQ/SPY ratio is also below its 200-day MA signaling tech underperformance — the path of least resistance is lower.
Catalysts to Watch
QQQ closed below its 200-day SMA ($594.70) and simultaneously the QQQ/SPY relative strength ratio broke under its own 200-day MA (0.8978), confirming tech sector leadership has faded. Price slid from $608 in early March to a low of $558 on March 30 before a two-day bounce to $584.
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Timeline
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