We have written several times about the importance of technology sector leadership. Better said, when tech stocks are healthy, the broader stock market is usually humming (bullish).
But this year has seen the opposite. The Nasdaq 100 and Nasdaq Composite topped late last year and have been in a bear market ever since.
So when will the bear market end?
Today we look at a “monthly” chart of the equal weight Nasdaq 100 ETF (QQEW). As you can see, this index has been in an up-trend for over a decade – marked by (1). And during this time, it has remained above its 30-month moving average (red line)… until now!
Tech stocks are walking a tight rope here. If QQEW fails to hold its up-trend line marked by (1), it could lead to a significant decline. Bulls hope tech doesn’t slip here. Stay tuned!
$QQEW Equal Weight Nasdaq 100 Index “monthly” Chart
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