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Monthly QQQ Update:Apart from fundamental analysis, spin, and hype about the efficacy of AI use cases, funding, eventual revenues, and, yes, profitability, the Monthly Technical Setup in QQQ is warning us that, atop a 37% upmove from the March 2026 low, a 93% advance from the April 2023 low, and a 200% bull move from the October 2022 low, the price structure hit an ALL Time New High at 762.86 in October 2026, and during the same month, rolled over into a bout of weakness that left behind a MONTHLY Bearish Engulfing Candle!.
In Case You Missed It… Before we review the week, MarkZ’s Bi-Weekly Sector Review is being replaced this week with a Webinar and Report available to all. Mark posted this Friday to the VIX Index/Sector Trading Room, here: https://www.elliottwavetrader.net/videos/Sector-Review-October-30th-2026103025869.html. The video approaches sectors from the standpoint of “looking for a high probability trade” but includes a brief macro overview at the outset.We had an eventful week, as expected.
Not only did the futures get a higher high last week in the b-wave, but we have now made a lower low in the futures, which has also not been seen in the SPX cash index. At least not yet. So, I am trying to figure out how to synthesize the structures and how to interpret them in a way that is consistent and in which they can potentially align.There are two paths I outlined today which can align both the futures and the SPX. That is presented on the attached ES chart.
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