Last week, I posted a note about Apple (AAPL) violating an important trend line and how that could trigger a broader selloff. That definitely proved to be true, as large cap tech stocks have been hit hard in recent days.
Today is a quick update on the sell-off in technology stocks and indices.
The NASDAQ 100 (QQQ) has taken the lead in turning down and technology stocks have dramatically underperformed in recent weeks. It is right to abandon near-term bearishness on QQQ’s at 319-320 over the next day or two (and go long for a trade). For now, this is near-term weakness amid an ongoing up-trend. BUT we’ll continue to monitor this closely as we move forward.
$QQQ Nasdaq 100 ETF Chart (through 2/22 market close)
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Twitter: @MarkNewtonCMT
Author has positions 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.
