An exchange traded fund tracking Nasdaq stocks fell below its 200-day moving average in Wednesday’s sell-off in another sign of a potential technical breakdown in stocks.
PowerShares QQQ (NasdaqGM: QQQ) was down about 2% in afternoon trading Wednesday as the Dow dropped almost 200 points. Investors were unnerved by protests in Greece and Europe’s debt crisis.
Key Nasdaq-100 components and tech captains Apple (NasdaqGS: AAPL) and Microsoft (NasdaqGS: MSFT) also slipped about 2%.
Traders will be looking for any follow-through to the downside now that the ETF has breached the technical indictor.