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.