TMTB EOD: We get more constructive
QQQs finished up ~2.1% while ARKK/SOX +3% and BTC +6%. Yields fell 2-4bs across the curve…As I posted mid-day in the TMTB Chat, price action today was what I wanted to see to get constructive on the QQQs again and off my “wait-and-see” mode” I had been in since before the holidays. The QQQs cleared the $404/$405 level I wanted to see, and other important market leaders cleared impt levels: the big one obviously NVDA breaking out over $500, AMD/SHOP/PINS/MSFT, etc. getting back over the 10d/21d MAs, AMZN closing above the gap from Thursday, SMCI breaking out, etc.. Recall, NVDA and SMCI were two stocks that led us higher early last year. As we wrote yesterday, we think the bullish top-down macro narrative is more compelling than anything bears are talking about; the non-inspiring tech charts were holding us back, but that changed today. With a meaningful close above $405, we’d gain even more confidence a new leg up might be starting, but we’ll continue to let px action guide us.
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