Price: $656.1
· 1 day: +1.40% · 5 days: -4.98% · 1 month: -13.41% · YTD: +6.80%
As of 2026-11-06 21:00 UTC.
52-week range: $555.6 – $762.86 (currently at 48% of the range).
QQQ is in a downtrend, momentum soft. $680.89 is the level overhead; $650 the first support below.
5 of 6 technical checks lean bearish.
| Trend | Downtrend · below 50-day & below 200-day |
|---|---|
| Momentum | RSI 30.5 · neutral · MACD bearish |
| Trend strength | ADX 33.1 · strong trend |
| Location | -9.0% vs 50-day MA |
| 52-week range | -14% from high · +18% from low |
| Volatility | ATR 16.61 · ~2.5%/day |
| Level | Type | Distance |
|---|---|---|
| $680.89 (resistance) | sma 200 | 3.78% |
| $700.0 (resistance) | round | 6.69% |
| $720.97 (resistance) | sma 50 | 9.89% |
| $650.0 (support) | round | -0.93% |
| $600.0 (support) | round | -8.55% |
| $558.28 (support) | 52w low | -14.91% |
| RSI (14) | 30.5 | MACD | -16.6351 |
|---|---|---|---|
| ADX (14) | 33.1 | ATR (14) | 16.61 |
| 50-day average | $720.97 | 200-day average | $680.89 |
Report of 2026-11-05.
QQQ fell 4.5% on November 5 to $660.97, extending a sharp five-day decline of 7.6% that has pushed the fund 13% below its October 6 peak at $759.66. The move reflects a sustained rotation out of technology and semiconductors that is overwhelming any post-midterm optimism — the Nasdaq-100 is lagging the S&P 500 by 6.2% over 50 days, and the weekly downtrend is intact. The balance of evidence leans negative over the next two to six weeks.
The immediate catalyst is a semiconductor selloff that has accelerated into a second day. Qualcomm dropped 10.1% on November 5 after missing fourth-quarter sales estimates on sluggish smartphone demand, dragging down peers including Intel and Marvell, according to Reuters. The iShares Semiconductor ETF (SOXX) has now fallen more than 23% over the past month, and the rotation out of tech is being described as a risk for the broader market, per CNBC. QQQ, which carries a heavy weight in semiconductors and data-center names, is absorbing that pressure directly.
The midterm elections initially sparked a broad rally on November 4, with the S&P 500 gaining 1.8% and the Dow rising more than 1,600 points as investors welcomed a Democratic sweep, per PR Newswire. But that relief faded quickly for technology. US equity futures diverged on November 5 as the chip selloff extended into a second session, with investors shifting focus to evaluate what a Democratic-controlled government means for regulation and trade policy, Bloomberg reported. The S&P 500 held up better because the rotation moved into defensive names — CNBC noted that recent market gains have been led by Walmart and Eli Lilly rather than tech, raising questions about whether the AI-driven bull market can sustain itself without a recovery in technology stocks.
The debate is split. Bloomberg cited UBS traders describing a "combustible setup" for a year-end S&P 500 rally, citing favorable seasonality and low hedge fund positioning. CNBC reported Evercore ISI's worst-case scenario of a 10% S&P 500 drop to 6,800 if a Democratic sweep triggers a disputed election and military escalation in Iran. Bloomberg noted that Wall Street strategists are advising investors to moderate bullish expectations given the potential for an earnings slowdown. Ned Davis Research flagged a rare valuation signal — the forward P/E ratio dropped 4.4 points to 18.8x, its steepest decline since 1983 — that preceded recessions or echo bear markets in five of six instances since then, per Business Insider.
The long-term thesis is under pressure. QQQ closed below its 40-week average on this decline, shifting the long-term trend from up to down — a meaningful deterioration from the October 16 report, which had the fund above its 40-week average and the stance as bullish. The prior report's bullish case was invalidated when price closed below the 200-day average at $679.5, and that level has since become resistance. The fund is now 18.4% above its 52-week low at $558.28, which means it has further to fall before reaching historical support, but the structure is firmly bearish.
Over the next two to six weeks the balance of evidence leans negative. The daily trend runs with the weekly downtrend, and QQQ is lagging the S&P 500 by 6.2% over 50 days. The RSI is at 33.19, which is oversold but not yet a signal of reversal — oversold conditions can persist in a downtrend. Conviction is medium, two of four points, because the directional alignment is clear but the move has not yet produced the capitulation that would signal a durable low. The strongest case against this reading is that QQQ is deeply oversold, volume has been below average by 26.7%, and a short-term bounce toward the 200-day average at $680.78 is plausible given the post-election political tailwind. That bounce does not change the trend, but it could produce a better entry for those watching for a resumption of the downtrend.
The weekly downtrend is anchored by the 200-day average at $680.78. QQQ closed below this level on the current decline, and it has since become a ceiling — rallies have stalled at $680.78, confirming sellers are present there. The 50-day average at $722.55 sits above, and a weekly close above that level would be the first sign that the downtrend is losing force. Below, the 52-week low at $558.28 is the structural floor, and the round numbers at $650 and $600 are intermediate support zones.
A close below $650 would signal a downside breakout extension, with the stop placed at $684.73 (the 200-day average plus a quarter of the 14-day ATR of $15.78). The target from a $650 breakdown is the 52-week low at $558.28, giving a reward-to-risk ratio of 2.6 to 1. The math does not reach the 3-to-1 threshold that would make a breakout trade compelling on its own terms. To change that math, the target would need to be closer to $600 — which would require the 52-week low to be lower, or the stop to be tighter — or the stop to be set below the 200-day average rather than above it.
A weekly close above the 50-day average at $722.55 would be the first signal that the downtrend is weakening. That level is the rule in the structure: a weekly close above $722.55 would shift the picture from aligned downtrend to something requiring reassessment. Beyond price, the non-price fact that would most change the reading is a meaningful shift in the semiconductor narrative — either a sustained demand recovery or a clear resolution of the AI infrastructure sustainability debate that is currently driving the rotation out of tech.
QQQ tracks a broad stock index: this is news about the US stock market as a whole (S&P 500, Dow), not about the fund itself.
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