QQQ < $380, NASDAQ Closes At 3-Month Low

On Thursday, the bears got to the generals, breaking many of them down below key support levels. The QQQ closed below the crucial $380 for the first time since late October 2021.

Microsoft (MSFT) – the 2nd largest stock in the market – crashed below key support at $320 and appears to have topped.

Apple (AAPL) – the largest and most important stock in the market – is a tougher nut to crack and held above $170 support. As I’ve written numerous times, AAPL is likely to be the last stock to top in this bull market. Below $170: Watch out!

Moving on to some of the important but not leading tech stocks, the iShares Software ETF (IGV) – home to many of the most expensive cloud software stocks in the market – closed at a 6 month low today. Cathie Wood’s Ark Innovation ETF (ARKK) – 2020’s darling – closed at a 52 week low.

You might wonder why I’m so focused on Tech. Couldn’t the market keep going higher even if Tech tops? No. The S&P 500 is approximately 1/3 tech and the headwind from a tech sector meltdown would be too much for the overall market to withstand.

Related posts

Carl Icahn Increases His Stake In Take-Two Interactive To 10.68%

ValueWalk

iPad Mini Display Outperformed By Kindle Fire HD & Nexus 7

ValueWalk

Foxconn Might Open Manufacturing Plants In The U.S. [REPORT]

ValueWalk

Peter Cundill Protégé Tim McElvaine on Investing in Japan [VIDEO]

ValueWalk

Set Bing Home Page Image As Lock Screen In Windows 8

ValueWalk

Morning Market News: JCP, APO, MCHP, ZIP, ENR, LGF, EA, ATVI, COV, LNT

ValueWalk