QQQ
Invesco QQQ Trust
$601.66
+$1.80
+0.30%
+138%
★★
Watching
A fourth day of tight consolidation in a down trend with bearish momentum. Caution below 599, bearish below 593. A move over the 4-day range high around 610 is a start, but the 50-day MA and swing highs around 617.50 need to be taken out to believe it’s a real uptrend.
Geopolitical turbulence over Trump’s insistence on owning Greenland and threats to use new tariffs to get his way led to large declines on Monday. However, there are plenty of “non-defensive” areas of the market that remained in strong positions.
SPY and QQQ both closed below their 50-day and Jan. Calendar Range low for the first time. This is bearish for the short and intermediate term if they get a confirming “continue” pattern.
On the contrary, IWM held strong on its 10 DMA.
Watch breakouts of Monday’s daily ranges closely!