SPY, DIA Hanging Onto QQQQs 200 Day Support Level

QQQQ (Nasdaq ETF) has been leading the market higher since early March and they should since the index consists of high beta stocks. QQQQ has also been on a roll technically. It recently pierced through the 200 day moving average but gathered enough strength to break above that level. It rallied off of that level yesterday but is ending lower today. Currently the 200d moving average is at 33.11 and QQQQ is trading at 34.49. If the Qs stay resilient and can stay above the 200 day I'd expect the SPY (SPY ETF) and DIA (Dow ETF) to follow suit. If it breaks all bets are off. Right now Nasdaq is +11, Dow -23, S&P flat. **UPDATE** 3:32est Nasdaq -17, Dow -162, S&P -15.6, VIX up 4.6% to 32.

QQQQ (Stockcharts.com)

SPY (Stockcharts.com)

DIA (Stockcharts.com)

QQQQ Critical 200d Moving Average Level 33.11

I'll dig into the main components of QQQQ in a bit. I also took a look at the Fibonacci levels on the Nasdaq composite index. The 38.2% retracement is at 1,875.19 and we're at 1,760 today. Also check out the $COMPQ:$SPX ratio and how it has been killing the S&P. They always say the sectors that lead us into the recession will not lead us out. Will tech lead the market and demand multiples going forward?

Nasdaq Composite w/ Fibonacci Retracement (Stockcharts.com)

Golden Shofar (Source: mi.sanu.ac.yu/)
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