The Nasdaq-100 ETF ($QQQ) experienced notable volatility around the end of April and early May 2025. After a decline of 7 points at the end of April, $QQQ showed signs of recovery, with technical analysis indicating a re-entry attempt at the bottom of the April value area around $467.88. The ETF surpassed its 50-day moving average, which had been a resistance level, and closed April with a strong monthly candle. By early May, $QQQ had risen to its highest level since March 7, testing the top of its 2025 value area and approaching the 200-day moving average. Since Liberation Day on April 8, the Nasdaq has gained approximately 16-17%, fully recovering losses sustained after that date. In contrast, the S&P 500 has remained essentially flat since Liberation Day, with a minor decline of about 1.2% to 1.8%. Stocks linked to the Chinese supply chain have lagged behind in this recovery. Overall, the Nasdaq-100 and the so-called Mag 7 stocks have regained all losses incurred since Liberation Day, highlighting a strong rebound in this segment of the market.