It might be hard to imagine after the NASDAQ-100, the index tracked by the PowerShares QQQ (NasdaqGM: QQQ), notched its best one-day performance in over six years on Wednesday and then proceeded to tack on another 2.5% Thursday, but at least one technical analyst is forecasting significant downside for the NASDAQ-100.

ETF investors can look to technology sector ETFs to capture the potential rebound. Tech ETFs were the best off sector during the Monday selling pressure, or at least one area that did not retreat as much. That would include QQQ, which allocates over half its weight to tech stocks, but some caution might be warranted following a two-day rebound led by some of QQQ’s big-name holdings. [ETF Opportunities After the Sell-Off]

“However, Todd Gordon of said the QQQ was about to break through a major support line in its uptrend. Gordon said he saw the Nasdaq 100 going to 3,000, which would be a 29 percent drop from its closing price Wednesday. This would represent a roughly 50 percent “retracement” of its long rally higher. That is, Gordon expects the Nasdaq 100 to ultimately give back half of its six-plus-years’ gains,” according to CNBC.

QQQ’s price action is not just determined by tech stocks. The consumer discretionary and health care sectors combine for about 35.5% of the ETF’s weight, meaning that the fund is affected by biotech stocks as well as names such as Amazon (NASDAQ: AMZN) and Netflix (NASDAQ: NFLX).

Traders who are pessimistic about benchmark index’s prospects can hedge against any short-term weakness with an inverse exchange traded fund.

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