QQQ looking vulnerable

The S&P has breached its 50day moving average. Small caps IWM has breached its 50day moving average also. But the Nasdaq QQQ is holding up surprisingly well, despite the $80 drop in AAPL over the past 2 weeks. And don't forget AAPL has a nearly 20% weighting in the QQQ!

What this tells us is that the other components of QQQ are strong. Some on a relative basis vs the QQQ and some on an absolute basis vs the QQQ, but overall strong nonetheless. And like so many stocks, indices, or ETFs at their respective moving averages, this will represent an important inflection point next week (especially around AAPL's earnings on Tuesday), as well as in the days afterwards as other important QQQ components report EPS.

If you are sick about hearing how small caps have broken their 50day or how the battle rages on at the 50day for the S&P, then turn down the volume because the next likely fight will be in the tech heavy QQQ. Ohhhhhh, the party is just getting started friends!