Nasdaq-100 Index ETF
Investment Thesis
QQQ is printing RSI 23 while broad market breadth hits 20.4% — a dual oversold extreme historically associated with tactical mean-reversion bounces. The natural target is a retest of the broken 200-day MA at $594, which now acts as resistance.
Catalysts to Watch
QQQ sliced through its 200-day MA ($594) and RSI(14) collapsed to 23 — deeply oversold territory — while the percentage of S&P 500 stocks above their 50-day MA crashed to 20.4% with a breadth RSI of 27, both near multi-month extremes. The SPX put/call ratio simultaneously spiked to 1.21, signaling elevated hedging and fear.
Why It May Work
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Timeline
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