The Tech Stock Surge
In the tumultuous seas of the financial market, technology stocks have emerged as the unsinkable Titanic of our time, propelling the broader market to unseen heights in 2024. With each passing day, these stocks chart new territory, leaving investors dazzled and exhilarated.
A Critical Juncture
Amidst this euphoria, wise investors keep a watchful eye on the Nasdaq-related indices, scanning for signs of a looming storm. In the intricate dance of the market, strong leadership often signals fair winds ahead. Conversely, when the helm falters, the specter of a market correction looms large.
The Equal Weight ETF
Today, our gaze falls upon the Equal Weight ETF (QQEW), a stalwart of the tech index and a beacon in the tempest. Unlike its counterpart, the Invesco QQQ Trust, this lesser-known vessel has yet to break free from its moorings. Peering closer, we observe ominous portents—a double top forming at the precipice of major price resistance. Adding to the foreboding atmosphere is a plunging RSI, hinting at a bearish divergence reminiscent of the trials of late 2021.
Looking Ahead
The fate of Equal Weighted Tech hangs in the balance. Will it weather the storm, or are we on the cusp of a tempest that will reshape the tech stock landscape as we know it? The answers lie ahead, cloaked in uncertainty and anticipation.