I have had a cautious view on the Nasdaq 100 Index (NDX) and ETF (QQQ) and the recent price action solidifies that view.
The Nasdaq 100 had a feeble rally into its 50-day average and reversed to close lower. A close below the recent lows will open the downside to the 12500-12600 price area (or $305 area on QQQ).
These potential downside price targets are located near the rising 200-day average. I remain bearish on the broad large cap tech index and think a cautious approach is warranted over the near-term.
The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
