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Tech Sector Breaking Above 17-Year Fibonacci Resistance Level!

Courtesy of Chris Kimble

This chart looks at Tech ETF (QQQ) on a monthly basis over the past 20-years, where Fibonacci extension levels were applied to the 1999 highs at (A) and the 2002 lows at (B).

Last September QQQ met a ton of selling pressure on its first attempt to break above the 161% level. This selling pressure drove QQQ down nearly 20% into the last week of December.

The rally over the past 10-months has QQQ working on a solid breakout above the 161% level at (1).

Should QQQ succeed in closing the month at the highest monthly closing price in history, it sends a positive message from this sector to the broad markets.

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