March 22, 2021, 1:23 pm EDT
Tech Rebound
After last week’s sell-off on technology stocks, today is the rebound day. INTC, AAPL, MSFT, TSLA, NVDA, AMAT are up 3-6%. Nasdaq is getting back closer to its 50 day-moving-average (DMA) line, which is a key level for medium trend bias. If it can get above this level, then Nasdaq will reclaim its bullish status.
At this moment, Nasdaq is around its neutral bias for short-term (20 DMA) and medium (50 DMA) regions. Meanwhile, Dow Jones and S&P 500 are near record highs zone. Thus, overall stock markets are still looking bullish. We can monitor Nasdaq as a leading index if the bears have power.
Overall, there is no obvious leadership except leadership in core sectors including financial, industrial, material and energy. It would be better to stay on the sideline to watch for the development.
