Cautious Outlook; Tech-Lagging

The first week of February has been marked by significant volatility, particularly in the technology-heavy QQQ. After a strong start, the index sold off sharply mid-week, breaking below key support levels. While a late-week recovery pushed prices higher, QQQ failed to recoup its early-week highs. The technical picture is mixed; the current price remains below all key exponential moving averages (EMA5, EMA9, EMA20, EMA50), suggesting the short-term trend is still under pressure. A decisive move above the EMA cluster near $618 is needed to signal a stronger recovery. The journal entries highlight ongoing sector rotation, with broad market strength outside of technology, but caution that software and semiconductor weakness remains a concern. The outlook is for continued choppy consolidation in the near term.