Major averages are mixed while the Nasdaq outperforms to end the fourth straight quarterly advance for equities. Technology and consumer discretionary sectors performed the best while financials and energy stocks stumbled on the day, weighing on the Dow industrials.
Nasdaq Recaptures 13000
By recapturing 13000 level today, Nasdaq has potentially formed the right shoulder of the Inverse Head and Shoulders pattern. If the index closes above 13300 during the next several sessions, the pattern will be confirmed.
Time To Buy Nasdaq?
During the last two weeks, the Nasdaq’s High/Low Ratio dropped below 20% for the fourth time since March 2020. The previous three similar drops led to excellent risk-reward opportunities. Will tech start to outperform again?
Nasdaq’s High / Low Ratio