Nasdaq QQQ has a stronger reversal than S&P 500 SPY especially due to a stronger move in tech and chip stocks recently. However, it was lagging behind SPY since the banking sector has recovered slightly since late last week. ⚠️ QQQ needs to break and hold 322.08 to gap fill before setting up towards 326 and 330 next.
Breakout from the ascending triangle
The first quarter of 2023 saw the tech sector emerge as the best-performing sector in the market, with the tech-heavy Nasdaq Composite surging by 16.8%, the best quarter for the index since 2020, according to Benzinga Pro.
The Invesco QQQ Trust Series 1 (NASDAQ:QQQ), also a tech-heavy ETF, climbed 20% in the first quarter, with Apple, Amazon and Microsoft being the best-performing stocks in the ETF.
The sector's success in the first quarter was due to strong earnings growth, investor optimism about the future of the sector by way of buying the dip on some beaten-down names, and the adoption of new technologies, namely artificial intelligence (AI).
An inside bar candle pattern 😉
Refer to post - 03/19: How to trade the inside bar pattern: SPY for a better understanding. Explosive moves expected this week. Fasten your seat belts, wear a helmet and eyes wide shut! 🤩
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