Friday’s jaw-dropping rally rapidly unwound a lot of fear in the market, and it may well have teed up quite nicely some new shorts next week. Here we see the NASDAQ Composite seal its gap perfectly.
The NASDAQ 100 likewise sealed up its price gap perfectly.
While the SP 500 did an oh-my-God fantastic job sending prices precisely back toward Fibonacci resistance AND broken trendline resistance.
The one dead fly in the soup is the semiconductor index, which is looking too robust for my liking. I got out of ALL my semiconductor positions on Friday but will watch this closely. Until NVDA cooperates, this thing is going to be stubborn.
