QQQ Jumps Up (and Over)
A study of the upward trend of the Invesco QQQ Trust ETF (QQQ) reveals much. During 2022 and 2023, an Accumulation structure developed, preparing the conditions for a new bull market. Said bull market kicked off in 2023, and that uptrend is now in its fourth year (becoming elderly in stock market time).
Wyckoff analysts watch for climactic price behavior as trends mature into their final stretch. A climax is an acceleration of the trend in force as it crescendos into the final price high. Identifying the conclusion is difficult, as the trend can continue beyond anyone’s expectations. But there are indications of price entering a terminal stage of excitement. Investors and traders love this phase of dramatic upward leaping of stock values; it's mesmerizing to watch, especially if you own the very best upward-striding stocks.
The second quarter of 2026 has some climactic qualities for QQQ. This upward rush of prices may have further to go. Let’s document the current position of the QQQ, with the understanding that it could leap higher from here.
Note the fierce upward jump in the second quarter of this year. In two months, QQQ lifted off from the Oversold (Demand Line) to the top of the Bull Market channel and blew right through it. The trend is clearly accelerating its advance in the second quarter, and this advance must be respected. If you look closely, you'll note that, in June, the upward stride of QQQ has stalled so far.
A return to the trend channel (dark blue parallel lines) would catch my attention as an early warning that the QQQ trend is stalling or, worse, reversing.
Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.
Announcement — "Bruce Fraser on Wyckoff", Beginning June 17, 2026
Roman Bogomazov and I have been discussing the Composite Operator in the weekly Wyckoff Market Discussion for years. In our most recent sessions, we used live case studies, including Microsoft and the AI leadership complex, to bring this concept off the page and into the real market. The first class was on June 17, 2026, but you can still join us as all classes are recorded. Learn how to detect the role of the Composite Operator in much greater depth.
Bruce Fraser on Wyckoff is an 8-session live program running through August 19, 2026, every Wednesday at 5:30 PM Pacific. The program covers:
- The Composite Operator in depth — Session 1 opens with the foundations, those being the C.O. concept, the Three Laws, and reading price and volume as behavior
- Accumulation phases A through E, Springs, Tests, Signs of Strength, Last Points of Support
- Trend analysis, Markup phase, Reaccumulation, and the stepping-stone process
- Distribution and market tops
- Point & Figure counting — Cause and Effect in practice
- Campaign thinking, relative strength selection, and integrated analysis
Join Roman and me as we bring the live Wyckoff classroom to you in a series of eight important lessons. Each session pairs concept explanation with concrete playbook setups and real case studies. Every session is recorded and available in the student portal.
For More Information and to Register:
https://www.wyckoffanalytics.com/event/bruce-fraser-on-wyckoff/
