The ProShares UltraPro Short QQQ ETF (SQQQ) closed down 3.8% at $27.61 on January 22, as the Nasdaq-100 Index surged by 1.33% to 21,853.00, reflecting a strong performance in the tech sector. The upward momentum in the Nasdaq-100 was driven by investor optimism surrounding upcoming earnings reports from major tech companies, which are expected to show robust growth despite broader economic uncertainties. This optimism was further fueled by recent positive economic data, which has alleviated some concerns about a potential slowdown in the tech industry. The increased investor confidence led to a significant rally in tech stocks, pushing the Nasdaq-100 higher and consequently impacting inverse ETFs like SQQQ.