QQQ & SPY Market Snapshot

QQQ hovered around 621–626, staying just below the key 619 – 620 EMA cluster (EMA5/9/20/50 all ~617‑618). A close above 619 would signal a potential short‑term low. SPY traded between 677‑685, with its EMAs flat near 687‑688, indicating a modest recovery after a 50‑61.8% retracement of the December rally. VIX fell from 20.09 (Jan 20) to 15.86 (Jan 16), easing volatility. Macro backdrop: CPI rose 0.3% in December, PPI up 0.2% in November, and new‑home sales slipped 0.1%, yet markets responded positively after President Trump eased tariff concerns, boosting risk sentiment. Overall, both indices show constructive bounces but need further upside to confirm the next leg higher.