Although the ES shook off its federally forbidden color of red early Monday, the NASDAQ Composite remains down (for the millisecond, at least). There’s no doubt that QQQ strength is relying largely on two patterns that are rather precarious right now. One of them is Amazon.com (NASDAQ:AMZN):
And the other is Apple (NASDAQ:AAPL):
Once earnings are released later this month (Amazon, Apple), both stocks will resolve for or against continued NASDAQ strength.