QQQ — 8 entries on this page, 1 of them a change of direction.
QQQ funds tend to continue to weaken. I said last week that the trend was still downward and decoupled from the S&P 500, and that has proven to be true. We are still heading downwards, but very steadily.
While everyone was chasing Nvidia and AI stocks this year, a boring little dividend ETF quietly passed up QQQ and the S&P 500 in 2026.
Guys, if QQQ and SPY have higher highs to make as time goes on, my guess is they'll probably outperform SCHD in the long run. But if we have a bad bare market, I really think the difference in the SCHD performance versus the S&P and the and the um and QQQ will be very very large with the SCHD dominating the other two indexes.
So, let's start with the S&P and the QQQ today. They're down, right? S&P and Q's are both down, but I want you to pay attention to something.
14 and a half, not even, but around 14.5 million shares traded on the Q's compared to 36 mil on the average for the past 30 days
If this ups sloping trend line ends up breaking, guys, I anticipate a fall closer to at least 660 on the Q's, which would be that would be pretty decent. I've spoken over the past couple weeks about how the S&P and the Q's have kind of decoupled.
So, oh man, Nvidia keeps going down and so are the cues.
The cues are tanking.
Are you calling 700 of the cues? Well, uh this morning in our alpha report, we did make a note. Let me see what I uh let me I'll go look for you. Hold on. Let me go look at the alpha report what I said this morning.
So, the Alpha Report said, "If we hear a long speech about how it's time to restore Fed credibility sooner rather than later, we go bearish down to 700 QQQ." Damn. It's not good.
Uh I mean, we're not there yet. We still We still have the 715 line, but that's funny. Um, yeah, that's that's what we had in the offer. We still have 715, so hopefully, you know, we can still bounce off of that.
Into the queues, you can see here, too, much like on the S&P 500, didn't really do too much today. It did finish up .09% but really just kind of closing in line with price action yesterday.
Now, the queues are starting to start to form a little bit more bearish consolidation. The last six trading days or so have been diagonally moving down. This needs to end up stopping, put in some sort of consolidation, and then it can make another leg lower.
And up next on the Nasdaq 100 with the QQQ, you can see price action putting in today on a daily candle a close underneath this big green candle here on August 4th, so that's one candle unwinding a lot of that price action.
Two candles with a closing beneath today's low would increase probabilities of us coming down here and tagging this horizontal support trend line. Now, of course, we're going to be very close at that point, but we keep on increasing probabilities with this movement that we're seeing coming down for the Qs.
This is where I anticipate a near-term bounce at $695.25 on the QQQ.
Um 708 in the QQQ, I think is is pretty important. We got smoked beneath that this morning, and now we've recaptured the level. So, I'm really curious to see if we can get back above 708 on a closing basis or not.
If we can, if we can close where we are or better, this daily channel candle will actually be pretty pretty bullish.
For the Nasdaq right here for the semiconductors, we're just kind of dancing on it, really not showing much bounce if any at all, but the biotechs have been the stronger group
Nasdaq, as noted, came down to the zone we wanted to see it come into, and I bought a little position in here, like I said, because we have that anchor. We have the 20 and the 50-day moving average in here.
