Cautious Outlook With Pullback Signs

QQQ showed continued weakness through the four-day period ending 2026-06-25 with closes falling below key moving averages including EMA5 EMA9 and EMA20. Price action remained below both the 20-day and 50-day EMAs throughout. SPY held above its 50-day EMA but failed to recover below its 20-day EMA and tracked lower alongside QQQ. Both ETFs displayed lower highs and lower lows suggesting short-term bearish momentum. VIX rose slightly on the final day after two days of decline signaling modestly increasing uncertainty.

The QQQ 2026-06-25 close of 716.12 remained below the 719.40 EMA5 indicating no reversal in the down trend. Similarly SPY closed at 733.50 with its price still beneath the EMA20 and EMA9 levels.

All price action and technical levels point to a lack of buyer conviction and a need for higher closes to alter the near-term bias.

Footnote

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Source: Qwen-2.5

Ticker: QQQ

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