This strong wave of rebound rally is led by Nasdaq index and Nasdaq 100 (QQQ) group.
- Nasdaq is much stronger than Dow Jones and S&500 and are within about 5% from record high area
- Nasdaq and Nasdaq100 are above all moving average lines for all time frames (20, 50, 200 DMA)
- Near new highs from internet (FB, GOOGL, AMZN, MSFT), semiconductor (INTC, NVDA, AMD) and gaming (TTWO, EA, ATVI)
Although these Nasdaq ETFs and stocks are short-term overbought, their leadership positions may continue if the rally continues to dominate in offensive parts of stocks.