QQQ & SPY Technical Recap

On Dec 22‑26, QQQ moved from 619.17 to 623.93, staying just above the flat EMA5 (620.60) and EMA20 (617.76) while still below the 627/637 resistance zones. The EMAs are unchanged across the snapshot, suggesting a pause in the short‑term trend. By contrast, SPY rallied from 684.72 to 690.38, comfortably above its EMA5 (687.18) and EMA20 (683.06), indicating a clear short‑term bullish bias.

The VIX at 14.00 confirms a low‑volatility environment, supporting risk‑on sentiment. Macro data provide a mixed backdrop: initial jobless claims fell to 214 k, Q3 GDP accelerated to 4.3%, and durable‑goods orders dropped 2.2% in October. Consumer confidence slipped to 89.1, highlighting cautious sentiment despite solid growth.

Overall, SPY is outperforming, testing the 690 resistance area that mirrors the SPX triangle resistance noted in the journal. QQQ lags its peers but could see a catch‑up as NVDA’s rally gathers steam into January. Traders should watch the 627/637 QQQ levels and the 690‑693 SPY range for breakouts or rejections.