Tech Shares at a Crossroads: Will They Break Out or Falter?

The principle financial institution of inventory market management has come from the expertise sector.

SPX Monthly Chart

Let’s face it, tech shares have been market leaders for years and a core driver of our economic system.

However the post-COVID efficiency versus the has not been nice.

The brilliant facet of this? The Nasdaq is making an attempt to reassert its management within the market. The draw back? It may additionally flip again down once more…

As you may see on in the present day’s long-term “month-to-month” Nasdaq Composite vs. S&P 500 Index price-performance ratio, the expertise index has outperformed for years till not too long ago. The ratio is now testing its falling downtrend line and 50% Fibonacci degree at (1).

I’m watching this degree at (1) very carefully, as it’s going to both imply a continuation of near-term underperformance (bearish) or a breakout greater and a reassertion of market management (bullish).

Let’s simply say that bulls don’t wish to see promoting start right here.

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