Cautious Outlook on Tech Rebound

The QQQ attempted a rebound last week after a dip below $600, but faces significant resistance near its key moving averages. The ETF closed the week at $611.25, which remains below its declining 5, 9, 20, and 50-day EMAs. This suggests the short-term trend is still under pressure. The VIX, while off its highs, remains elevated, indicating persistent market uncertainty. The internal journal commentary highlights that a failure to hold above the $603 level could signal a retest of recent lows near $595, suggesting more consolidation or downward movement is needed before a sustainable rally can begin.