SQQQ.US is a leveraged inverse ETF, meaning its price movements are tied to, but in the opposite direction and amplified, to the Nasdaq-100 index. Nasdaq-100 Performance: SQQQ is designed to deliver approximately -3x the daily performance of the Nasdaq-100. A rising Nasdaq-100 typically causes SQQQ to decrease, and vice versa.

Leverage and Compounding: The leverage introduces complexities. The daily reset feature means that returns are compounded daily, which can lead to significant deviations from the expected -3x return over longer periods, especially in volatile markets. This is known as volatility decay.

Expense Ratio: The ETF has an expense ratio, which is deducted from the fund's assets and impacts returns. Higher expense ratios reduce potential profits.

Supply and Demand: Like all ETFs, SQQQ's price is also influenced by supply and demand in the market. High demand can push the price up, even if the Nasdaq-100 is rising, and vice versa.

Market Sentiment: Overall market sentiment and risk appetite can influence trading activity in SQQQ. During periods of uncertainty or fear, investors may flock to inverse ETFs like SQQQ, increasing demand and price, even if the Nasdaq-100 isn't moving significantly.