It’s been a tremendous year for stock market bulls.
And a similar theme has emerged. Tech stocks are providing leadership, lead by the AI craze.
In the latest bull move off the April low, there have been several short consolidations that have lead to a breakout higher (again and again).
Currently, the Nasdaq 100 ETF (NASDAQ: QQQ) is in a sideways consolidation with momentum slowing. Will be interesting to see if we get yet another breakout… or if this leads to a legitimate pullback.
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$QQQ Nasdaq 100 ETF Chart
The chart speaks for itself. We had a similar consolidation in August that lead to a breakout higher. The recent consolidation is a bit “heavier” so it will be interesting to see how it breaks.
Twitter: @andrewnyquist
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
