Big Tech Leads the Way, But for How Long?
The Nasdaq had a storming week, leading the S&P somewhat, but barely having any impact on the Dow and the Russell 2000.
The large tech stocks have led the way, but this is not a broad market rally.
Market Outlook:
We did have a more interesting week than I was expecting, but as I mentioned last week, I think there will be more fun to come in a while … and it could well be in the other direction.
The Main Indices:
The S&P has edged upwards from its recent consolidation.
The Invesco QQQ Trust (QQQ) looked like it was close to getting overbought last week, but it’s kept going and looks even closer to being overbought now.
The iShares Russell 2000 ETF (IWM) looks has crept upwards above its 50-dma but remains in a 3-month sideways channel.
Guy Cohen
