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An exchange-traded fund that tracks the Nasdaq 100 index may be bumping up against a “resistance” level following its recent winning streak, according to Bespoke Investment Group. The
Invesco QQQ Trust Series I ended higher Monday to book a sixth straight day of gains. “After yesterday’s gain, the index is currently within 4% of its all-time high, meaning that all it
would take is a rally almost as strong as the last six days to get us there,” Bespoke said in a note emailed Tuesday. “Given the magnitude of the gain over the last six days, though, it’s
unlikely we’ll see a move like that in the next several days, not only because we’re now sitting at overbought levels in the short term but also because the index is bumping up against
potential resistance,” said Bespoke, as highlighted in the chart below.
