In today’s briefing:
- Rotation Is the Lifeblood of a Bull Market; Still Bullish; Supports at SPX 5370-5380, QQQ $468-469
Rotation Is the Lifeblood of a Bull Market; Still Bullish; Supports at SPX 5370-5380, QQQ $468-469
- Semiconductors (SMH,SOXX,NVDA,AVGO) have been leadership since late-2022, but they’re extended and starting to see profit taking as market participants rotate into other laggard areas of the market (especially Energy).
- The question is whether this new trend lasts a few days, or if this is the start of longer-term trend.
- If there will be any lasting rotation away from Technology/semiconductors, SPX and QQQ would need to break strong short-term supports at 5370-5380 and $468-469, respectively. Until then, Tech/semis remain leadership
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