Despite the plunge in the stock market, the Nasdaq has recovered all its losses and make fresh new highs. This is really good for the stock market.
A stock market that is lead by tech is usually a good sign. When tech leads, the Dow and S&P will most likely be making new highs in the near future.
The chart above shows the daily chart of the Nasdaq Composite index.
What a ride it has been. From a big plunge to recovering all the losses and then making new highs. This is really a superb recovery for the stock market. With techs now leading the markets, there is a high possibility that Dow and S&P will follow Nasdaq to make new highs.
In the recent 2 days analysis, I have highlighted how the techs and semis that lead will be good for the market. Even the Dow and S&P is breaking out of a triangle in the daily chart.
Do go and check out the US stock market analysis page and watch the Youtube videos for a more in depth analysis.
At this moment, if Nasdaq continues to move higher, the area that I have drawn will be a new area of support for the techs. Join me everyday as we study the US market and try to figure out where it wants to go.
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