Apple also helped steady tech and Nasdaq ETFs on Tuesday with a nearly 1% advance after sliding the previous two days. Apple represents about 12% of PowerShares QQQ (NasdaqGM: QQQ). The ETF, which tracks the Nasdaq-100 Index, closed Tuesday fractionally positive.
On Monday, Apple traded below its April 19 close, its pre-earnings price as the stock “has given up all of its gap up from its stellar quarterly results,” TradersHuddle.com said.
“The stock has lost momentum and its trading below its key 50day moving average … which is now expected to act as resistance for any move higher,” according to the report.
Technology Select Sector SPDR Fund (NYSEArca: XLK)
