The Nasdaq 100 is within 1 percent of its all-time high, but according to one trader the charts are signaling a short-term selloff.
"The QQQ [the ETF that tracks the Nasdaq 100] has been stuck in a tight range with $106 on the low end and $111 on the high end," technical analyst Andrew Keene said Tuesday on CNBC's "Trading Nation."
The tech-heavy Nasdaq 100 has outperformed the broader market year to date, up nearly 7 percent while the S&P 500 is more than 2 percent higher over the same period. "We see the QQQ trading at the top of that range right now so I expect us to see a move to support at $106." That's a 4 percent drop from current levels.