When analyzing the stock market’s health & balance, investors have several unique indicators at their disposal. One indicator that I like to look at is equal weight indices.
An equal weight index treats stocks the same regardless of market cap. Today we look at the Equal Weight Nasdaq 100 Index ETF (QQEW).
As you can see in the chart below, QQEW’s performance has netted a total return of 10.5% in 36 months. Not too impressive!!!
This underscores how thin the market is… in this case the cap-weighted Nasdaq 100 that we all see and the media follows is seeing fewer stocks with larger market caps leading the way.
This week, the Equal Weighted Nasdaq 100 (QQEW) is testing dual horizontal and up-trend price support. Considering that it has held its up-trend line since October 2022, it might be important what it does here! Stay tuned!
$QQEW Equal Weight Nasdaq 100 ETF “weekly” Chart
Twitter: @KimbleCharting
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.
