A tech-heavy Nasdaq exchange traded fund could see action Thursday as a noted hedge-fund manager called for Microsoft’s (NasdaqGS: MSFT) chief executive to step down. Also, the Nasdaq-100 ETF is struggling with a key level that goes back to the dot-com wreck.

Greenlight Capital’s David Einhorn said Microsoft’s board should replace CEO Steve Ballmer, according to reports.

Microsoft shares were up 0.5% in premarket action Thursday while PowerShares QQQ (NasdaqGM: QQQ) was little changed.

The Nasdaq ETF has run into turbulence recently as it tries to recoup losses from the tech collapse about a decade ago. In technical speak, PowerShares QQQ has run into resistance as it tries to climb above the so-called 38.2% Fibonnaci retracement line. [Market Looks for Direction in Apple, Nasdaq]

The 38.2% retracement line for PowerShares QQQ stands at $58.24 a share.

PowerShares QQQ

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.