Lots of bearishness about technology recently follows over-performance by QQQ over SPY in the past 2 years in particular.
The trend longer-term remains bullish for QQQ due to secular tailwinds, but in the medium term, it remains likely that QQQ will fall relative to SPY to enter back into its typical secular trend channel that has existed since 2009.
The bottom of the channel is currently around 10% below its current level. A break below would mean substantial farther downside, but this remains unlikely due to the valuation of QQQ relative to SPY being substantially lower than it was in the bubble in 2000.
The trend longer-term remains bullish for QQQ due to secular tailwinds, but in the medium term, it remains likely that QQQ will fall relative to SPY to enter back into its typical secular trend channel that has existed since 2009.
The bottom of the channel is currently around 10% below its current level. A break below would mean substantial farther downside, but this remains unlikely due to the valuation of QQQ relative to SPY being substantially lower than it was in the bubble in 2000.