The stock market rally off the December 2018 lows has been very impressive.
In many ways, it’s also been persistent. Every time market bears think they have an opening to drive stocks lower, the major stock market indices surge higher.
Though the rally has been broad based, it’s also had a clear leadership: the technology sector and tech stocks.
In the chart below, we look at the Equal Weight Nasdaq 100 (QQEW), the Nasdaq 100 ETF (QQQ), and the Semiconductors ETF (SMH).
Note that all three major technology indexes and sectors are at all-time highs (1). Each of the charts show a gap and go breakout as well. This is bullish for the broader market.
Tech is clearly sending a positive message to the broad market with each of these tickers hitting all-time highs at the same time.
Bullish Message from Nasdaq 100 and Semiconductors?
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