Tech stocks had their best day since the financial crisis on Wednesday, leading markets on a major comeback. But according to one technician, these outperformers are about to see a severe pullback.
The S&P 500 information technology sector rose more than 5 percent Wednesday, the most one-day gains for the sector since March 2009. The Nasdaq 100 index ETF, which has 25 percent of its holdings in Apple, Microsoft and Amazon, also rose more than 5 percent.
However, Todd Gordon of TradingAnalysis.com said the QQQ was about to break through a major support line in its uptrend.
The post Nasdaq 100 is set to plunge 29%: Technician appeared first on Trunews:.
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