Why Nasdaq-100 Inverse ETF SQQQ Hit A New 52-Week Low Today
Portfolio Pulse from Henry Khederian
ProShares UltraPro Short QQQ ETF (SQQQ) hit a new 52-week low as the Nasdaq-100 rises amid overall market strength, hopes of a debt ceiling resolution, and strength in the broader tech sector.
May 30, 2023 | 3:27 pm
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POSITIVE IMPACT
The Nasdaq-100 (QQQ) is rising amid overall market strength, hopes of a debt ceiling resolution, and strength in the broader tech sector.
The Nasdaq-100 (QQQ) is rising due to overall market strength, hopes of a debt ceiling resolution, and strength in the broader tech sector. This positive sentiment is driving the index higher, which in turn negatively impacts the inverse ETF SQQQ.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
SQQQ shares are trading lower due to the Nasdaq-100's rise amid overall market strength, debt ceiling resolution hopes, and strength in the broader tech sector.
SQQQ is a 3x-leveraged inverse ETF that tracks the Nasdaq-100. As the Nasdaq-100 rises due to overall market strength, hopes of a debt ceiling resolution, and strength in the broader tech sector, SQQQ's value decreases, leading to a new 52-week low.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100