QQQ Breadth Divergence

QQQ Rising, Breadth Weakening

• NDX is near highs, but both NDFI (~60) and NDTH (~46) are well off their highs
  
• This confirms the mega-cap concentration
  

ADL (Advance/Decline Line)

• Still in an uptrend, but flattening
  
• Shows breadth has not broken down completely, but is stalling while QQQ pushes higher
  
• QQQ has made new highs, but the breadth line has failed to confirm (stalled since mid-2025, drifting lower)
  
• Peaks in breadth (~90) in early/mid-2025 corresponded with healthier rallies
  
• Recent rollover toward 60 while QQQ makes highs is a negative divergence
  
• Suggests underlying participation is thinning
  

Support/Resistance in Breadth

• NDFI 50 looks like a “line in the sand"
  
• If it breaks, breadth would confirm a bearish setup
  
• To sustain a bull case, NDFI/NDTH need to reclaim the >70
  
• 50–55 is important support, if breadth breaks down here, could confirm a market top attempt
  
• 70–75 is resistance - breadth must reclaim this to support further QQQ upside