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Friday’s jaw-dropping rally rapidly unwound a lot of fear in the market, and it may well have prepared some new shorts for the coming week. Here we can see the Nasdaq Composite sealed its gap perfectly.
The Nasdaq 100 likewise sealed up its price gap perfectly.
Meanwhile, the S&P 500 did a fantastic job sending prices precisely back toward Fibonacci resistance and broken trendline resistance.
The one dead fly in the soup is the semiconductor index, which is looking too robust for my liking. I got out of all of my semiconductor positions on Friday, but I will continue to watch this closely. Until NVDA cooperates, this thing is going to be stubborn.
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Dawn
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