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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.
Unfortunately, the immediate bullish path in SPX broke down this morning with a break of this week's low. Yet, the ES still holds a potential (1)(2) start. That means this is not terribly reliable just yet.Moreover, based upon the current structure, I am going to put a reasonable floor to the market for a wave ii in green at the 7398SPX region. That would represent an (a)(b)(c) wherein (c)=(a) from the highs struck before this downtrend began. Below that, and the red count increases in probability.
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