Nifty Nasdaq:

As much as many like to proclaim that technology is not pulling its weight, it is more a function of the mega cap names underachieving, but that looks to be changing. Below one can see the firm technical action in the Nasdaq, with nice action POST breakout from a bullish ascending triangle. On a YTD basis no major S&P sector will catch technology, as the XLK will be the best performing group for the third time in the last four years. But it is correct that it has lagged somewhat, as on a 3 month look back period it is the third best of 11, trailing energy and the financials. But with the recent robust move in AAPL, gaining 5% Tuesday in stronger than usual daily volume, inspired both MSFT and AMZN to 2.4% gains Wednesday. GOOGL flirted with a break above a bull flag pivot of 1800, but backed off, a bit of a red flag. NFLX is higher by more than 4% this week so far, and looking for its first 5 week winning streak since the spring, so it is really a mixed picture for the supertanker tech names. We can even paint NVDA in a negative light. Do we give the Nasdaq credit for hanging tough despite all this, or is it an anchor that it will eventually succumb too? I think the former.

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