Nasdaq Surges With Apple and Amazon in Tow
Yesterday proved fruitful for the Nasdaq, with tech behemoths Apple and Amazon spearheading gains. The index now stands at the cusp of overcoming the ‘bull trap’ amidst recent struggles.
While sideways movement is anticipated, a sustained upward trajectory in the days ahead could signify a solid follow-through for the index.
Small Cap Index (Russell 2000) Falters Below Key Support
Conversely, the Russell 2000 experienced a gap below trendline support, culminating in a second doji candlestick. This development, perhaps surprisingly, hints at a setback for sellers unable to drive a sustained breakdown.
S&P 500 Battles Back, Striving for Record Highs
Benefiting from Nasdaq’s positive momentum, the S&P 500 reclaimed breakout support. However, substantial efforts are still required to challenge previous all-time highs. Although yesterday’s price surge provided a boost, underlying technical indicators remain subdued with marginal improvement.
Recent Recovery Stems From Resilient Tech Sector
Following a tumultuous sell-off, markets displayed resilience, bolstered by favorable economic indicators and the impetus from tech giants. The Nasdaq has assumed a commanding position, characterized by a marked surge in relative performance compared to peer indices. Undoubtedly, the Nasdaq is poised to steal the limelight in the days ahead.
