Not yielding an inch, indices sprang higher right after the opening bell yesterday. It was clearer in the case of ES that there wouldn't be a breakdown below any premarket support level, but it was Nasdaq that delivered true strength, and it was beyond MAGS. With software pulling clearly higher, it was particularly that broadening in tech (where semis and DRAM participated) that changed the picture intraday, allowing for a really one-sided session yesterday.
As said last week, Thursday was a well-timed reversal higher, Friday underwhelmed (bringing up thoughts of more than typical retracement), and Monday retired that rollover notion – and yesterday was a most clear continuation, with us facing either repeat of yesterday‘s rip after the opening bell, or a bit of a retreat first to push higher later – still before SNDK earnings, which will be very volatile for all of tech except MAGS, to simplify.
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