Tech Stocks Reach Important Price Resistance Level, Says Joe Friday.
Chris Kimble | Jan 30, 2024 02:50
The end-of-year rally has trickled over into 2024 and it has been lead by tech stocks.
But has the rally gotten long in the tooth?
“The facts, Ma’am. Just the Facts.” – Joe Friday
Today’s “weekly” chart of the First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ:QQEW) highlights an important obstacle for tech stocks: the 2021 highs sit overhead as price resistance.
And QQEW is hitting this level as its RSI indicator is at peak levels. Could this bring a pullback? Or will we see a breakout?
Ole Joe thinks this could be an important level for QQEW, and I think you should too. Stay tuned.
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