Wald pointed to QQQ, the exchange traded fund that tracks the movement of the Nasdaq 100 as evidence of future gains in tech stocks to come. He said the ETF is trading higher than its 200-day moving average, which may indicate the march higher is intact despite recent declines. The QQQ is up 15% so far this year, and if it falls to $133 it would match the “breakaway gap from April,” said the analyst in the CNBC interview. The QQQ finished Thursday’s trading session at $136.29.
Are Large-Cap Tech Declines a Buying Opportunity? | Investopedia