Will Nasdaq 100 Price Reversal End The Correction?

Trading was getting ugly on Monday when the broader stock market decided to reverse course, lead higher by the Nasdaq 100 Index INDEXNASDAQ: NDX and large cap tech stocks. That said, it’s too early to say if this will end the stock market correction for the major technology indices.

Broad-based stock market indices like the S&P 500 Index INDEXSP:.INX and Nasdaq 100 Index reached key support levels and bounced. While that is encouraging (and a sign of a potential bounce), the market is still in a downtrend. In today’s video, we discuss this investing theme and more. We also look sector performance and trends, as well as stocks we are following. Here’s a recap:

The SPDR S&P 500 ETF (SPY) reaches next support at $325.

The Nasdaq 100 ETF (QQQ) stages a key reversal to close higher on the day.

The relative trend the Technology Sector remains to the upside.

Semiconductor stocks are showing relative strength, which is encouraging.

Stock Market Today Video – September 22, 2020

Twitter:  @DanRusso_CMT

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.

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