Technology Makes A Stand:

Even with Thursday’s monster move the Nasdaq is still 20% off highs made at the very round 16000 number on 11/22/21 which made a feeble attempt of breaking above a bull flag. Recently it has made some powerful attempts at finding a bottom, most prominent being the weeks ending 2/25 and 3/18 which both CLOSED at highs for the WEEKLY range and respectively by 1100 and 1300 handles off their intraweek lows. This volatile action is more associated with tops than bottoms, which often take place in a slow, gradual rounded fashion. That being said the PRICE action has to be respected as they formed bullish bottoming patterns. The IGV which on Tuesday and Wednesday barely defended the very round 300 number, vaulted 4% on Thursday. The SMH did even better jumping 5% and on its WEEKLY chart has a bullish engulfing candle and it’s still very premature but has a legitimate double bottom pattern as the midpoint is above the 50 and 200 day SMAs. AAPL and AMZN REPORT after the close and it should make for a very entertaining Friday session.

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