The Nasdaq-100 — as represented by the PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ) — rallied strongly over the past week and a half, which last week was aided by earnings reports from Google Inc (NASDAQ:GOOG, NASDAQ:GOOGL) and Netflix, Inc.(NASDAQ:NFLX) that led to major rallies in those two stocks.

After this most recent rally, the QQQ exchange-traded fund is well overbought and trading just a few points away from its all-time highs set in the year 2000, just as its two largest components, Apple Inc.(NASDAQ:AAPL) and Microsoft Corporation (NASDAQ:MSFT), are set to report earnings.

For the near term, today is judgment day for the Nasdaq-100.

Read my full analysis HERE

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