If you’re big into tech and growth stocks, then you know they’ve been sinking for months. And now it appears they’re coming back to life and hitting new record highs!
The Nasdaq 100, which is tracked by the Invesco QQQ Trust Series 1 (Nasdaq: QQQ), has been moving sideways since February. We closed this past week at $341 and were just above that point by lunchtime Friday as the rally fizzled a bit heading into the weekend. But there’s likely more gas in this tank…
That’s a normal, healthy phase to consolidate the HUGE move up from the pandemic lows of March 2020, which you can see in the chart above. We pulled back again in March of this year before the “King Makers,” big, institutional buyers, stepped in to push it higher.
Now we’re on the verge of breaking out to new highs for tech and growth stocks.
We’re seeing a similar situation happening in the small-cap Russell 2000, which is tracked by the iShares Russell 2000 ETF (NYSEArca: IWM).
We went from $95.69 at the pandemic low, all the way up to $230 before moving sideways in February to consolidate that big move.
Building a base like both of these funds are doing is a strong sign because as they say, the market takes the stairs up, and the elevator down…
So, Adam, what’s going on? And why has the Dow been rising (before the past week, at least) while the Nasdaq and S&P 500 were moving sideways.
Check out my short video and let’s talk tech and growth stocks… where we’re heading next… and five stocks to cash in on the new record-breaking highs!
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P.S. Take Advantage of This Market Glitch
Everyone has heard all about GameStop and its sudden, meteoric rise and 4,200% returns amid a massive short squeeze earlier this year. Then came AMC more recently…
But what most people probably haven’t heard is that it’s not the only stocks getting squeezed!
Wall Street doesn’t want everyday traders to know about these massive moves because the big firms lose money whenever short squeezes happen.
But I’m pulling the curtain back to reveal how anyone can take advantage of these trades — every single week!