Most tech firms in the US stock index have reported their quarterly earnings except for Facebook, which is due to report on November 4.  According to Berger, a rising wedge pattern is emerging indicating the index could soon see a retracement. 

While Berger still sees year-end growth for tech companies, he says the index is seeing a lot of technical resistance, which is likely to put the current rally on pause.  He is looking to sell the Nasdaq 100 at USD 114 or lower with a stop loss at USD 116. Berger’s target for the trade is USD 108.50.