ETF Trends
ETF Trends

An exchange traded fund tracking the Nasdaq-100 has broken above its 200-day simple moving average while ETFs indexed to the Dow and S&P 500 are still languishing below this key technical level.

The tech-heavy PowerShares QQQ (NasdaqGM: QQQ) closed with a gain Tuesday and outperformed the two blue-chip benchmarks thanks in part to strength in Apple (NasdaqGS: AAPL) shares, which rose 3%.

The Nasdaq ETF advanced 0.7% on Tuesday.

Apple is a key driver and a large component of QQQ, making up 14.4% of the ETF’s total weighting.

Apple shares have also climbed back above their 200-day moving average.

The Nasdaq-100 ETF is up 4.5% over the past month.

PowerShares QQQ

Apple

For more information on the technology sector, visit our technology category.

Max Chen contributed to this article.

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

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.