The ProShares UltraPro QQQ ETF has a bearish daily setup, despite oversold readings that complicate the near-term outlook… The ProShares UltraPro QQQ ETF has a bearish daily setup, despite oversold readings that complicate the near-term outlook. Price stands below its daily exponential averages and lower Bollinger band. The hourly chart confirms that weakness, while the 15-minute MACD offers only limited counterweight.