The QQQQ is basically buying the Nasdaq.....it performs like the Nasdaq 100 in the form of an ETF. I watch this stock all day to get my hint as to where the stock markets are headed.
QQQQ Analysis - Thursday, 10/23/08
Today we have made a lot of $29.87...higher then the previous three lows over the past several weeks. Yesterday we made a low of $29.71. This is a level you will want to watch closely on the QQQQ. If we break through this anytime, look for $29.38 and $29.25 to be tested which were the prior two lows.
If all of those support levels are broken, we could be in for the next leg down....there will be major volatility in the markets.