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QQQ Faces Resistance Amid Hawkish Fed and Technical Warning Signs
The QQQ index is trading at $729.37, pushing against its upper Bollinger band and approaching resistance at $732.84.
This comes as the Federal Reserve signals another rate hike, with 16 of 18 FOMC officials expecting at least one more increase before year-end.
The hawkish Fed has left growth and technology stocks, which make up nearly 60% of QQQ's weighting, sensitive to rate-path expectations.
Institutional investors remain bullish, with a long/short ratio on the futures market sitting at 1.60, but fundamentals are clouding the technical picture.