Apple (AAPL), the world’s most valuable public company by market capitalization, is off to a bit of a rocky start in 2014, which is weighing on the Nasdaq-100 Index.
The Nasdaq-100 PowerShares QQQ ETF (QQQ) outperformed the S&P 500 last year, but technical analysts are watching the tech-heavy index fund for any potential weakness in early 2014 as a potential warning sign for the overall market.
“The Nasdaq-100 is looking tired,” said Tarquin Coe at Investors Intelligence. “The price has gone nowhere for the past two weeks and internals are weak.”
Chart source: Investors Intelligence
Chris Kimble at Kimble Charting Solutions is also monitoring Apple and the Nasdaq-100 for any hints about the U.S. stock market. Both Apple and the Nasdaq-100 are testing important technical levels, he notes.
Chart source: Kimble Charting Solutions (click for larger image)
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