Technology bulls retreated Tuesday as interest rates rallied. The Nasdaq 100 slipped to 12,611, a loss of 0.5%, states Jon Markman , editor of Strategic Advantage. It could have been worse. The tech-heavy Nasdaq 100 was as much as 1.1% lower at midday, with outsized losses for Tesla ( TSLA ), Microsoft ( MSFT ), and Meta Platforms ( META ). Aggressive late short-covering cut losses considerably. Even at the weakest point, the Nasdaq 100 remained well above its first support level at 12,437, the 20-day moving average. Bears argue that leadership groups in technology are being mispriced. They say semiconductors do not reflect the global economic reality of banking crises and slowing growth. Unfortunately for bears, stocks can and do rally in weak economic climates when sentiment shifts in favor of bulls. The bet in the bull camp is the Federal Reserve will soon stop raising the federal funds rate. This would change the trajectory of interest rates and provide a brisk tailwind for tech stocks. The first important technical resistance level for the Nasdaq 100 is at 12,880. A close beyond that point will force bears into frantic short covering, leading to a rally to 13,750, the […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
