The ProShares UltraPro QQQ ETF (TQQQ) is experiencing downward pressure as the Nasdaq 100 faces mixed signals amid a backdrop of cautious market sentiment. The Nasdaq 100, which TQQQ tracks, is hovering around a significant support level at 21,000, a psychologically important figure that traders are closely monitoring. Despite a brief rally attempt in premarket hours, the index quickly lost momentum, reflecting broader market uncertainties. The recent drop in U.S. 10-year Treasury yields has provided some relief, but concerns about bond market volatility and the upcoming jobs report are keeping investors on edge. The market is also digesting the implications of the Federal Reserve's December meeting minutes, which hinted at a potential slowdown in policy easing, adding to the cautious tone.
The U.S. indices, including the Nasdaq 100, were closed on Thursday for the National Day of Mourning for former President Jimmy Carter, leading to a quiet trading session. However, electronic futures trading overseas has kept the market engaged, with traders eyeing the 21,000 support level as a critical juncture. The anticipation of Friday's Non-Farm Payroll numbers is adding to the market's cautious stance, as investors await further clarity on the Federal Reserve's policy direction. The broader sentiment remains one of cautious optimism, with many market participants waiting for the jobs data to make more informed investment decisions.
The TQQQ ETF is currently priced at $79.95, reflecting a 0.83% decline from the previous close.