Is qqq bullish or bearish?

The Invesco QQQ Trust (NASDAQ:QQQ) is currently exhibiting bearish signs. Here are the key points to consider:

1. **Recent Performance**: QQQ experienced a significant decline, with a percentage change of -3.59% on July 24, 2024. This follows a previous decline of 0.5% on July 20, 2024, indicating a recent trend of underperformance.

|Ticker|Name|last-price|last-change|Percentage Change|Date|code|market_code|
|---|---|---|---|---|---|---|---|
|QQQ.O|Invesco QQQ Trust|457.4000|-1.2992|-3.587|20240724|QQQ|185|

2. **Market Sentiment**: There is a bearish sentiment in the market, with investors rotating out of tech stocks like QQQ into smaller, value stocks. This rotation is driven by concerns about the high valuation of tech stocks and a potential slowdown in earnings growth for large-cap tech companies.
3. **Valuation Concerns**: QQQ's valuation premium over value stocks is among the highest levels in two decades, which is concerning as value stocks have historically outperformed growth stocks. The gap between value and growth stocks is currently at its thinnest level in about two decades, which could indicate a potential shift in market dynamics.
4. **Technical Indicators**: The absence of data on QQQ's technical indicators (such as resistance and support levels) suggests that market participants may be avoiding or uncertain about the stock, which can sometimes precede a significant move.

|Ticker|Name|Resistance Level (Narrow)|Date|code|market_code|
|---|---|---|---|---|---|
|QQQX.O|Nuveen Nasdaq 100 Dynamic Overwrite|24.3335|20240725|QQQX|185|

In conclusion, QQQ is currently in a bearish phase, primarily driven by market rotation, valuation concerns, and recent underperformance. Investors should monitor the situation closely, as a continued bearish trend could lead to further declines.