Tech Stocks Reach Important Price Resistance Level!

The end of year rally has trickled over into 2024 and it has been lead by tech stocks.

But has the rally gotten long in the tooth?

“The facts, Ma’am. Just the Facts.” – Joe Friday

Today’s “weekly” chart of the Nasdaq 100 Equal Weight Fund (QQEW) highlights an important obstacle for tech stocks: the 2021 highs sit overhead as price resistance.

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And QQEW is hitting this level as its RSI indicator is at peak levels. Could this bring a pullback? Or will be see a breakout?

Ole Joe thinks this could be an important level for QQEW, and I think you should too. Stay tuned!

$QQEW Nasdaq 100 Equal Weight “weekly” Chart

nasdaq 100 equal weight index fund double top pattern bearish investing chart january

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The author may have a position in mentioned securities. 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.