The NASDAQ has been the market darling, so far, this year, rallying back from October's lows. The bulk of the inflows have been through passive investing. The return to the peaks of January has been achieved without any new stimulus money, driven by exuberance that's not been supported by checks to households. It's proof of how much money is still circulating around in the economy. However, negative divergences in relative strength and MACD indicators suggest the momentum is slowing, which will have to be corrected for.

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