PowerShares QQQ (NasdaqGM: QQQ) was down more than 1% in Monday’s premarket as the tech-heavy exchange traded fund followed the major stock indicators lower on European debt jitters.
Top holdings in the Nasdaq-100 ETF, Apple (NasdaqGS: AAPL) and Cisco (NasdaqGS: CSCO), were also off over 1% before the opening bell. Dow futures slipped 100 points.
PowerShares QQQ is down 1.5% over the past three months.
The ETF has encountered resistance in recent weeks at the so-called 38.2% Fibonacci retracement line of the tech collapse from 2000 to 2002. [Market Looks for Direction in Apple, Nasdaq]
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