Is Tech Topping? This Will Blow It Up

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Is Tech Topping? This Will Blow It Up

www.investing.com/analysis/is-tech-topping-this-will-blow-it-up-200386481

Is Tech Topping? This Will Blow It Up

By Chris Kimble | Feb 11, 2019 02:34PM ET

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Weekly Invesco QQQ Trust

Is the popular Tech ETF QQQ forming a head-and-shoulders topping pattern? The odds are low, yet it's possible.

What would it take to eliminate the fact that this pattern is sending a bearish message to the tech sector? A strong rally at (1) would blow up the likelihood that tech is topping.

Below looks at the NDX 100 Advance/Decline Line:

Weekly Nasdaq 100 Advanec/Decline

The NDX adv-dec line did not break below the February lows, while the NDX 100 index did. That created a short-term bullish divergence.

Recently the A-D line is breaking out to new all-time highs at (2), which sends a positive message to the tech sector.

With the A-D line breaking to new highs, a rally at (1) in the top chart would greatly reduce the odds that an important topping pattern is in play. Tech bulls should keep a very close eye on what this key sector does in the next couple of weeks.

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S&P 500 Futures	2,777.62	+34.12	+1.24%
S&P 500	2,775.60	+29.87	+1.09%
Nasdaq 100	7,055.18	+32.76	+0.47%
Dow 30	25,883.25	+443.86	+1.74%
SmallCap 2000	1,570.04	+21.35	+1.38%
S&P 500 VIX	14.91	-1.31	-8.08%
FTSE 100	7,236.68	+39.67	+0.55%
DAX	11,299.80	+210.01	+1.89%

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Copper	2.816	+0.042	+1.51%
US Soybeans	907.62	+3.62	+0.40%
US Wheat	503.38	-3.62	-0.71%

SPDR S&P 500	277.38	+3.00	+1.09%
VelocityShares Daily 2x VIX Short Term linked to S	33.58	-2.06	-5.78%
Invesco QQQ Trust Series 1	171.94	+0.72	+0.42%
Direxion Daily Junior Gold Miners Bull 3X Shares	11.48	+0.64	+5.90%
VelocityShares 3x Inverse Natural Gas linked to S&	111.91	-5.86	-4.98%
ProShares Ultra VIX Short-Term Futures	46.5100	-2.3500	-4.81%
ProShares UltraPro QQQ	50.03	+0.59	+1.19%
VanEck Vectors Gold Miners	22.4300	+0.2900	+1.31%

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