QQQ/SPY rejecting its dot-com peak, may correct farther

QQQ / SPY follows simple trend lines surprisingly closely. We had a bounce back of the Qs recently pre-earnings and after Treasuries settled down, but it recently rejected its dot-com high after breaking above it in February.

Given the insane outperformance in 2020, there's a long way down if QQQ continues to underperform SPY , with the top of its multi-year channel likely acting as the next major support. Given that the bulk of tech earnings growth has probably peaked ( AAPL , AMZN , NFLX most obviously), I think there's a good chance it could eventually test this level, around 9% below its current price.

QQQ can easily be expected to outperform SPY over the long-term, but given QQQs perforamance over the past 2 years, it's likely to continue to underperform.