The Nasdaq 100 index tracker, Invesco QQQ Trust ETF (NASDAQ:QQQ), collapsed to $706.52 on Friday, staging a sharp 4.60% five-day drop that leaves the index flashing critical technical warning signs.
The rejection of its recent peak at $745.45 raises an urgent question for Wall Street: Is the tech rally running out of steam?
Crucial Support Under Siege The recent slide has pushed QQQ below its 20-day simple moving average (SMA) of $724.72, threatening a larger trend reversal, according to Benzinga Pro.
Bearish momentum is accelerating as the MACD indicator undergoes a negative crossover, while the RSI has plunged to 46.45.
Traders are now eyeing the immediate floor at the 50-day SMA of $702.78.
