Chart of the Day – Wednesday, June 12, 2024

Equal Weight Nasdaq 100 ETF $QQQE has been consolidating below its prior cycle highs since February.

Probably only a matter of time before it takes out that overhead resistance.

Market should get real FUN when that matters. pic.twitter.com/IGt7XJXPp4

— Justin Spittler (@JSpitTrades) June 12, 2024

Today’s Chart of the Day was shared by Justin Spittler (@JSpitTrades).

• Market participants have worried about weak breadth since the bull market began, yet the market keeps hitting record highs. 

• While breadth has been deteriorating and diverging recently, a meaningful expansion could be around the corner.  

• Justin points out that the Equal-Weight Nasdaq 100 ETF ($QQQE) is trying to break out of a two-year base again after failing its initial attempt in March. A breakout would signify a broad and healthy bull market.

The takeaway: The Equal-Weight Nasdaq 100 ($QQQE) is flirting with record highs while many are concerned about narrow leadership.