Unlike the SPY, the QQQ is already above the 40-day moving average that smothered the early June rally, and capped the upper bounds of the mid-April bear flag that led to an eventual -17% collapse over the next month. When looking at the open interest configuration for the Invesco QQQ Trust (QQQ – 295.35), we see similarities, too. This is ahead of the much-anticipated inflation data set to be released on Wednesday, which is at the forefront of market participants’ minds as we head into options expiration week.