A popular Nasdaq exchange traded fund fell harder than the overall market in Monday’s sell-off but the ETF’s top holding, Apple (NasdaqGS: AAPL), held up relatively well amid pressure in the tech sector.
PowerShares QQQ (NasdaqGM: QQQ) was down 1.6% in recent trading but Apple shares fell less than 1%.
The Nasdaq-100 ETF has corrected to channel support, said Tarquin Coe, technical analyst at Investors Intelligence, in a note Monday.
“That rising channel, with resistance from a trendline drawn between the highs of November and February, and lower support being a carbon copy extraction of that line, has been underway since last summer’s bottom,” the analyst wrote.