Thursday's severe selloff has QQQ and SOX at trendline support, and a low looks to be right around the corner

In this November 2026 video, Mark L. Newton, CMT analyzes the stock market outlook this week after Thursday’s sharp technology-led selloff, focusing on how the Invesco QQQ Trust (QQQ), iShares Semiconductor ETF (SOXX), and the S&P 500 (SPX) are trading around key long-term trendlines. He reviews the break of the recent multi‑month range in SPX, the intensity of the intraday move, and what sentiment, breadth, volatility, TRIN, DeMark exhaustion counts, and VIX term structure are signaling about near-term risk and the conditions typically associated with capitulation. Newton places the QQQ and SOXX moves in the context of their 2025–2026 price history, former highs, and major Fibonacci retracement and projection levels.

The video also examines the recent rotation between mega-cap technology and the broader market through SPDR S&P 500 ETF (SPY) versus the Invesco S&P 500 Equal Weight ETF (RSP), along with the ratio of Technology versus the equal-weighted S&P 500. Newton discusses how these relative-strength charts have evolved during the November seasonal pattern, the impact of recent strength in traditionally defensive sectors such as Utilities and Staples, and the role of interest rates and the US dollar into Thanksgiving. The full video includes his tactical roadmap, supporting charts, and detailed technical framework for US indices, technology, and semiconductors.

In this November 2026 video, Mark L. Newton, CMT analyzes the stock market outlook this week after Thursday’s sharp technology-led selloff, focusing on how the Invesco QQQ Trust (QQQ), iShares Semiconductor ETF (SOXX), and the S&P 500 (SPX) are trading around key long-term trendlines. He reviews the break of the recent multi‑month range in SPX, the intensity of the intraday move, and what sentiment, breadth, volatility, TRIN, DeMark exhaustion counts, and VIX term structure are signaling about near-term risk and the conditions typically associated with capitulation. Newton places the QQQ and SOXX moves in the context of their 2025–2026 price history, former highs, and major Fibonacci retracement and projection levels.

The video also examines the recent rotation between mega-cap technology and the broader market through SPDR S&P 500 ETF (SPY) versus the Invesco S&P 500 Equal Weight ETF (RSP), along with the ratio of Technology versus the equal-weighted S&P 500. Newton discusses how these relative-strength charts have evolved during the November seasonal pattern, the impact of recent strength in traditionally defensive sectors such as Utilities and Staples, and the role of interest rates and the US dollar into Thanksgiving. The full video includes his tactical roadmap, supporting charts, and detailed technical framework for US indices, technology, and semiconductors.

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