Nasdaq-100 Index ETF
Investment Thesis
QQQ has pulled back ~7% from its June high of $746, breaking below the 50-day MA on expanding volume and reaching oversold stochastic readings. The long-term bull structure remains intact (above 200-day MA, golden cross in place), setting up a potential mean-reversion bounce back toward the 50-day MA at $719.
Catalysts to Watch
QQQ dropped 4.5% over July 16-17 to close at $695.33, breaching the 50-day MA ($719) on volume 29% above the 20-day average. Stochastic K fell to 16.9 (oversold) and a bullish RSI/MACD price divergence has formed, suggesting near-term selling pressure may be approaching exhaustion.
Why It May Work
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Timeline
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