Nasdaq 100, Semiconductors Nearing Yet Another Breakout (QQQ)

Technical analyst Chris Kimble examines two important tech index charts and sees big breakout potential for both.

Since the lows in 2009, the NDX 100 and Semiconductors (SMH) has been much stronger than the S&P 500 (Upside Leaders).

The NDX 100 (left chart) and Semiconductors (right chart) are very near 2018 highs, which happen to be all-time highs as well.

If both would break out at each (1), they would send a bullish message to tech and the broad markets as well.

Keep a close eye on both, as breakouts would send a quality bullish message from leadership.

The Invesco QQQ (QQQ) rose $0.20 (+0.11%) in premarket trading Wednesday. Year-to-date, QQQ has gained 13.07%, versus a 4.94% rise in the benchmark S&P 500 index during the same period.

QQQ currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 37 ETFs in the Large Cap Growth ETFs category.

This article is brought to you courtesy of Kimble Charting Solutions.