Technology has been one of the hottest trades of the year. The tech-heavy Nasdaq 100, whose biggest holdings are Apple and Microsoft, is up 5.5 percent this year, while the S&P 500 is up less than 3 percent. But rather than take the rally as a sign that tech is the place to be, one trader says the charts are pointing to near-term trouble.
"Right now we are at a critical level on the chart at the 50-day moving average," technical analyst Andrew Keene said Friday on CNBC's "Trading Nation." Looking at the ETF that tracks the Nasdaq 100, the QQQ, Keene noted that the past six times the ETF has hit its 50-day moving average we've seen buyers, but he believes this time may be different.