Cautious Outlook: Tech Weighs, Broader Support Holds
QQQ shows resilience despite sharp intraday volatility across March 6–9. After an 8.2-point drop from March 5–6 close, QQQ recovered over 8 points by March 9’s close, closing near session highs—suggesting strong demand at lower levels. EMA bundles (5/9/20/50) remain flat over the period, indicating consolidation rather than trend continuation. Price held above key supports (e.g., March 9 low of 591.33), while EMA50 at 610.65 still acts as overhead resistance.
In contrast, SPY declined more aggressively—closing down ~3.2 points on March 6 and another ~6.5 points by March 9—with less intraday bounce, reinforcing weaker relative momentum versus QQQ.
VIX declined for three consecutive days through March 11, falling from 25.50 to 24.23—indicating easing short-term volatility expectations after earlier spikes.
Journal entries note market resilience amid geopolitical noise, with technical support around Ichimoku Cloud and cyclical levels helping stabilize indices. Rotation toward tech (especially software and Mag 7) is emerging, though broader market breadth remains weak.
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