The Invesco QQQ ETF, which tracks the Nasdaq 100 index, has crashed this year and moved into a correction after falling by over 12.8% from its highest level this year. It plunged to a low of $471, its lowest level since September last year.

The Nasdaq party has been going on for a couple of years, but it seems the club owner has turned on the lights, with the index heading into correction territory. A stock market correction happens when a major index falls between 10% and 20% of recent highs,

QQXT is composed of the 56 non-Technology stocks in the Nasdaq-100. Read more to see why I'm bearish on the fund.

The Invesco QQQ ETF has plunged and moved below the 200-day moving average as concerns about the equities market rose. The fund, which tracks the popular Nasdaq 100 index, dropped to a low of $480, down by almost 10% from its highest level this year.

The Nasdaq is officially in correction territory, with the Nasdaq-100 index about 13% below its recent high as of this writing. This has created some interesting opportunities for long-term investors, in terms of both individual stocks and exchange-traded funds (ETFs).