The Invesco QQQE Trust's bearish MACD streak hit 31 days, a record that shows persistent selling pressure across the tech sector beyond the mega-cap leaders.
The Invesco QQQE Trust, the equal-weight counterpart to the Nasdaq 100 ETF, has posted a bearish MACD signal for 31 consecutive trading days. That is the longest streak in the fund's history, according to AlphaScala data.
The MACD line crossed below the signal line in late February. The streak broke the previous record of 28 days set in September 2022. A 31-day bearish MACD streak is rare for any major ETF. For the equal-weight Nasdaq fund, it marks a level of selling consistency that traders watch closely. Traders said the sustained stretch below the signal line shows persistent selling momentum, not just a directional drift.
The cap-weighted QQQ has held up better this year, supported by its mega-cap components like Apple and NVIDIA. The equal-weight fund's 31-day streak tells a different story. The gap between the two funds has widened, traders said. The persistent divergence is a classic breadth problem, traders said. A market that relies on a handful of stocks for gains is more vulnerable to sudden reversals, they said. For the equal-weight fund to record a 31-day streak, selling pressure has been consistent across the basket.
Traders said a reversal of the MACD signal would require a broad rally or a new sector catalyst. A reversal, traders said, would mark a shift in momentum and a potential rotation into the broader tech sector. The MACD line remained below the signal line.
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