QQQ, SPY: EMA Analysis

QQQ’s price action from Dec 23‑29 shows a steady uptrend. The close on Dec 23 (622.11) sits well above the short‑term EMAs (EMA5 620.83, EMA9 619.68) and the longer‑term EMAs (EMA20 618.15, EMA50 614.87). The peak on Dec 24 (623.93) reinforces the bullish bias, though the Dec 29 dip (620.86) pulls the price closer to the EMA5, hinting at a modest pullback.

SPY exhibits a similar pattern. The Dec 24‑25 closes (690.38) comfortably exceed the EMA5 (687.99) and EMA9 (686.72), while the Dec 26 high (691.66) pushes further ahead of the EMA20 (684.27). By Dec 29 the price (687.85) edges just below the EMA5, signaling a possible short‑term consolidation.

With VIX at a low 13.60, volatility remains subdued, supporting the overall bullish tone despite mixed macro signals: strong Q3 GDP (4.3%) but weaker consumer confidence (down 3.8 pts) and a 2.2% drop in durable‑goods orders. Traders should watch for any breach of the EMA5 as a trigger for deeper pullbacks, while the intact EMA‑stack continues to favor a higher‑price trajectory in the near term.