What price is Nasdaq going to be if QQQ hits 34-35, i.e., what is the conversion formula?

The QQQ is valued at one-quarter of the MNX (the ‘mini’ NDX, or Nasdaq 100). In turn, the MNX is one-tenth of the Nasdaq 100. So, the QQQ would be one-quarter of one-tenth of the Nasdaq 100, or 2.5% of the NDX. Thus, the QQQ does not convert to an overall Nasdaq price. Realtime systems such as eSignal track the MNX, NDX, QQQ, etc. Some charting programs also do these as well.

The MNX is an option on the Nasdaq 100 that is cash settlement. In other words, there is no buying the MNX as you can with the QQQ. If you were to sell puts on the MNX and it went against you, you are not put the MNX, but you are required to come up with cash to settle the position similar to trading S&P futures.