QQQ/SPY/NQ/ES- ETFs vs Futures

This is a good example of how useful the ETFs are when a real average can't be used and there are some issues with the averages sometimes related to weighting. Finally the final advantage of ETFs of the averages is that they try to mimic price, but they don't mimic volume or underlying demand/distribution, meaning the NASDAQ 100 could be up because of AAPL, but the QQQ might show entirely different order/volume patterns giving you and idea of whether there is demand or not for the ETF as a form of sentiment for the underlying average.

In any case, here you can see how close the SPY/QQQ re to their counterpart futures charts.

 QQQ 1 min, as you saw earlier in the Risk Asset Update, Tech was the only of the 3 major groups that was performing today, the QQQ is showing a leading negative divergence here as it makes intraday new highs.

 NQ, the NASDAQ mini Futures (like ES, but for the NASDAQ) is showing a similar large relative negative divergence and a leading negative is starting here. Note the huge difference in volume from early in the day to the afternoon.


 SPY 1 min negative divergences at both highs (resistance).

WS also negative at both highs, resistance.