We have spent a lot of time discussing the importance of technology stocks and how this area of leadership is a great “tell” for what’s to come.
Today, we look at the First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ:QQEW) and highlight why market participants should be watching right now.
As you can see in the chart above, QQEW has been trading in a rising trend channel since late 2022. And this rally has taken QQEW to an important resistance point at (1). This resistance was last tested in December of 2021 and a similar pattern developed…seeing the etf decline 30 percent thereafter.
In my humble opinion, it might be important what happens this time at (1). Stay tuned.