Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Tech Stocks Struggling at Double Top Fibonacci Resistance

Published 17/04/2024, 20:28
Updated 09/07/2023, 11:31

Technology stocks have been the engine behind the stock market rally into 2024. Even better stated, tech stocks have been a market leader since 2009.

So it’s important to keep an eye on the performance of market leadership. And lately the tech-based Nasdaq indices have been slowing down.QQEW Weekly Chart

Today, we highlight this with one of my favorite ways to interpret market strength: equal weight indices & ETFs. The chart below is the First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ:QQEW) on a weekly basis.

As you can see, price has stalled out yet again at the 261% Fibonacci extension level. And in a very similar way.

How long with this double top Fibonacci resistance hold for? Will it be long enough to send QQEW much lower? Or will it be different this time?

Keep an eye on this level. And stay tuned.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.