The SPDR S&P 500 ETF Trust (NYSEARCA: SPY) is trading down 5.19%, and the NASDAQ 100, as tracked by the Invesco QQQ (NASDAQ: QQQ), is down 8.2% year-to-date (YTD) as of March 28, 2025. The markets attempted a relief rally that was rejected at the 200-day moving average on the SPY. A number of factors played into the sentiment reversal, causing investors to ponder whether the relief rally is taking a pause or is a complete head fake.
The computer and technology sector, tracked by the iShares U.S. Technology ETF (NYSEARCA: IYW), has fallen into correction territory, down -11.8% YTD, also as of March 28, 2025. The 200-day moving average support levels have been rejected on both the SPY and QQQ.
