We have spent a lot of time discussing the importance of technology stocks and how this area of leadership is a great “tell” for what’s to come.
Today, we look at the Nasdaq 100 Equal Weight ETF (QQEW) and highlight why market participants should be watching right now!
As you can see in the chart above, QQEW has been trading in a rising trend channel since late 2022. And this rally has taken QQEW to an important resistance point at (1). This resistance was last tested in December of 2021 and a similar pattern developed… seeing the etf decline 30 percent thereafter.
In my humble opinion, it might be important what happens this time at (1). Stay tuned!