QQQ Whipsaw: Bull Trap or Bear Trap?

MU Earnings Triggered a Rally — But the Market Still Hasn’t Chosen a Direction

June 26, 2026

Today’s market action delivered one of the most volatile and revealing sessions we’ve seen in recent weeks.

After strong earnings from Micron (MU), semiconductor sentiment improved sharply overnight.

The immediate market reaction made sense.

MU’s results reinforced the bullish AI narrative:

• AI demand remains strong

• Memory pricing remains firm

• Semiconductor momentum may still be intact

As expected, QQQ opened significantly higher.

But what happened next was far more interesting.