The Invesco QQQ Trust (ticker: QQQ), which tracks major U.S. technology stocks, has been a strong performer relative to the S&P 500 over the past 25 years. Recent technical analysis shows the equally weighted Nasdaq 100 ETF (QQEW) has just closed above its 200-day moving average for the first time since March 25, 2025, indicating a potential shift in trend. However, the weekly chart suggests that QQEW still needs to break above the 2025 value area level at $125.55 to confirm further gains. Investors have benefited from holding QQQs and focusing on leading tech companies, particularly the so-called Mag7 stocks, which currently trade at price-to-earnings ratios around 35. Despite this, concerns remain about a possible short-term peak in QQQ's upward trend and the impact of looming protectionist policies that could challenge these valuations.