QQQ and QQQJ fall as the Nasdaq can not break above its 100-day moving average

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The Nasdaq Composite (COMP.IND) -1.5% slid into the red on Tuesday’s trading session as the index can not break above its 100-day moving average. The lower move has also pulled down both the Invesco QQQ Trust (NASDAQ: QQQ) and the Invesco NASDAQ Next Gen 100 ETF (NASDAQ: QQQJ).

At the current juncture QQQ and QQQJ are down 1.6% spirit 1.7%. Additionally see the below six month chart of the Nasdaq and its 100-day moving average.

QQQ the world’s fifth largest exchange traded fund with $ 198.84B assets under management provides investors exposure to the 100 largest domestic and international nonfinancial companies listed on the Nasdaq based on market capitalization.

QQQJ on the other hand, is similar in nature to QQQ as it intends to provide returns by investing in the 101st to the 200th largest stocks on the Nasdaq. While QQQJ is no where near the size of QQQ, it does still have $ 1B under its belt.

Both QQQ and QQQJ have fallen to the downside in 2022 as tech funds tumbled alongside the earlier month’s selloff. Year-to-date QQQ is -8.7% and QQQJ -13.3%

While both funds are down YTD, they have rallied over the past three weeks alongside the Nasdaq as QQQ is + 13.6% and QQQJ is + 11.5% since Mar. 15.

Aside from the two Nasdaq ETFs, other growth funds also have rallied of late.

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