For instance, Technician Rich Ross of Evercore ISI argues that QQQ could reach resistance at $114 and could retest the breakout level at $107, suggesting that the Nasdaq-100 could experience a 5% pullback from Monday. QQQ was trading around $112.9 Tuesday while the Nasdaq-100 was at 4,630.4.
“Clearly technology has been leading this market higher and there was nothing in last week’s blowout earnings to suggest that it won’t continue to lead us higher,” Ross said. “However, I think we need to go backward before we go forward.”
PowerShares QQQ
For more information on the tech sector, visit our technology category.
Max Chen contributed to this article.