ETF Trends
ETF Trends

The Nasdaq-100 PowerShares QQQ (NasdaqGM: QQQ) clawed into to positive territory along with top holding Apple (NasdaqGS: AAPL) on Wednesday as the exchange traded fund found support at its 200-day moving average.

The ETF was up 0.7% in the final hour of trading after reversing an early decline. The Nasdaq was outperforming the S&P 500 and Dow on Wednesday. [S&P 500 ETFs Test Support at Pattern ‘Neckline’]

PowerShares QQQ tracks an index of the 100 largest nonfinancial stocks listed on the Nasdaq and is seen as a liquid vehicle for trading the tech sector.

The Dow and S&P 500 have both dropped below their 200-day moving average in the pullback. PowerShares QQQ was successfully defending the key technical indicator on Wednesday.

The recent stock sell-off has hardly touched tech leader Apple, which accounts for 14.2% of the Nasdaq-100 ETF.

PowerShares QQQ


Apple

Source: StockCharts.com.

Full disclosure: Tom Lydon’s clients own AAPL and QQQ.

The opinions and forecasts expressed herein are solely those of Tom Lydon, 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.