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The QQQ index moves to its 50% retracement of the rise since the trough of the pandemic


The QQQ ETF is a large-cap, high-tech ETF. The top 10 holdings that make up approximately 50% of the index are made up of the following large-cap tech stocks. Apple and Microsoft account for 23.5%. The only non-tech name on the list is PepsiCo (2.03%). Needless to say, it is heavily weighted to the names many investors and funds hold. Many people include it in their retirement accounts and represent the best of the best when it comes to technology.

Top 10 holdings of the QQQ ETF

Looking at the daily chart below, the index is down $2.95 or -1.02% at 1286.62 currently. This has the price testing the 50% midpoint of the upside from the post-pandemic low reached on March 23, 2020 at 285.82.

The high price extended to 408.71 on November 23, 2021. Since then, the index has lost -29.79%. Last week’s low price broke below the 50% mark but quickly rebounded. This low at 284.94 is the next target on a break of the 50% level.

The QQQ index moves to its 50% retracement of the rise since the trough of the pandemic

QQQ tests its 50% midpoint of the move from the March 2020 low

Why is this important?

The QQQ ETF is a quick and dirty way to buy major high-tech large-cap stocks, without being a stock picker to speak of. This works very well in a rising market. Buyers breed buyers and as the price rises higher and higher, this forces the underlying stocks to rise as well.

Conversely, when there are sellers, the sellers can breed sellers and force the underlying stocks to also pull down.

Breaking below the 50% retracement level with momentum could also accelerate the move down into the top 10 names.

I guess it’s no big surprise, but a 30% discount from the peak will start to catch investors’ attention when they check their retirement account balance. This could change the tone of the market even further as traders realize that even the most secure technologies are not immune to declines.

Conversely, if buyers want to play in these high-tech/large-cap names, this is the low-risk area to put a toe in the water or average more stocks….

Key level for buyers and sellers. To be aware.

/ NASDAQ

NASDAQ

The Nasdaq Stock Market or NASDAQ is an American stock exchange. It only tracks the New York Stock Exchange (NYSE) in terms of market capitalization and is part of a network of stock markets and options exchanges. Launched in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it has been known simply as NASDAQ and has become one of the most influential stock exchanges in the world. OTC) trading system. What makes up the NASDAQ? In particular, the exchange also includes the NASDAQ Composite, which includes almost all stocks listed on the NASDAQ stock market. Along with the Dow Jones Industrial Average (DIJA) and the S&P 500 Index, it is one of the three most followed stock market indices in the United States. Overall, the NASDAQ stock market has three different market levels. This includes the capital market, or a stock market for companies with a relatively small market capitalization. Listing requirements for small cap companies are less stringent than for other Nasdaq markets which list larger companies with significantly higher market capitalization. Additionally, the global market is made up of stocks that represent the global Nasdaq market. The Global Market consists of 1,450 stocks that meet stock exchange financial and liquidity requirements and corporate governance standards. Finally, the Global Select Market is a market capitalization-weighted index comprised of 1,200 US and international stocks that represent the Global Select Market Composite.

The Nasdaq Stock Market or NASDAQ is an American stock exchange. It only tracks the New York Stock Exchange (NYSE) in terms of market capitalization and is part of a network of stock markets and options exchanges. Launched in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it has been known simply as NASDAQ and has become one of the most influential stock exchanges in the world. OTC) trading system. What makes up the NASDAQ? In particular, the exchange also includes the NASDAQ Composite, which includes almost all stocks listed on the NASDAQ stock market. Along with the Dow Jones Industrial Average (DIJA) and the S&P 500 Index, it is one of the three most followed stock market indices in the United States. Overall, the NASDAQ stock market has three different market levels. This includes the capital market, or a stock market for companies with a relatively small market capitalization. Listing requirements for small cap companies are less stringent than for other Nasdaq markets which list larger companies with significantly higher market capitalization. Additionally, the global market is made up of stocks that represent the global Nasdaq market. The Global Market consists of 1,450 stocks that meet stock exchange financial and liquidity requirements and corporate governance standards. Finally, the Global Select Market is a market capitalization-weighted index comprised of 1,200 US and international stocks that represent the Global Select Market Composite.
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