Tuesday, March 9, 2021 4:13 PM EDT
The Nasdaq 100 is roaring back today with a gain of 4.5%. This monster move is a result of yields dropping, coupled with a major technology stock oversold condition. So how high could this bounce go? Based on the Nasdaq 100 technical analysis, the upside could take the QQQ to $320.00. That means there is another $7.00 of upside on the QQQ before it hits major resistance.
Ultimately, investors should understand yields will eventually head towards 2% on the 10-year. This means the Nasdaq 100 technology stocks will sell more in the coming months. However, in the next few weeks, yields are likely to chop/consolidate, thus allowing the Nasdaq 100 to trade up to the $320.00 level.
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