The PowerShares QQQ (NasdaqGM: QQQ), which tracks the tech-heavy Nasdaq-100 Index, is mostly flat over the past week, but some technical analysts believe the popular exchange traded fund could face some near-term headwinds.

Stocks such as Apple (NASDAQ: AAPL), Google parent Alphabet Inc. (NASDAQ: GOOG), Facebook Inc. (NASDAQ: FB) and Microsoft Corp. (NASDAQ: MSFT) are pivotal to QQQ’s performance. That quartet combines for over 35% of QQQ’s roster.

Last week, 52% of Nasdaq-100 Index (NDX) stocks hit a new 52-week high,” according to Schaeffer’s Investment Research. “There have been just two other times in history when more than half of NDX components notched an annual peak in one week, and both signals preceded short-term pullbacks for the index.”

Overall, QQQ allocates about 60% of its weight to technology stocks. However, consumer discretionary is the ETF’s second-largest sector weight at 22.1%, putting QQQ in a prime position to benefit from the online shopping boom.

The retail sector has been under pressure on the rise of e-commerce outlets, like Amazon.com. Meanwhile, traditional brick-and-mortar stores are shutting down, with the threat of bankruptcy for smaller players, dragging on the broader retail segment.

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