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Nasdaq 100 Rallies as Tech Leads the Charge

Stock Market Update Tuesday November 7, 2023 Nasdaq 100 Rallies as Tech Leads the Charge today, the Nasdaq 100 Index soared, climbing nearly 1%, showcasing its strongest performance since the middle of September. The surge is primarily driven by mega cap technology stocks, as the sector spearheads the market's upward trajectory. This marks the eighth consecutive session where the Nasdaq has ended in positive territory.


Meanwhile, the SPY ETF, a popular instrument that tracks the S&P 500, has also enjoyed a similar streak with seven consecutive gains. Investors are showing their confidence in the market, with tech stocks leading the rally.


In the commodities realm, gold inched up by 0.5%, while mining stocks didn't have the best day, facing some decline. A significant downturn was observed in the oil market, with prices tumbling by over 4%. Despite these shifts, the VIX, a measure of market volatility, stayed below 15, indicating that the market is not expecting significant turbulence ahead.


For investors, the critical task now is to observe whether the market will build on these gains in a constructive manner. If the market can form a pattern that signals consolidation after a strong rally, it could be a positive sign for the market's next move.


In summary, it's a day of notable achievements for the Nasdaq 100, with big tech stocks pushing the boundaries. Yet, the real test lies ahead as the market seeks to establish new support levels, deciding whether this is a brief sprint or the beginning of a longer marathon.


The Chart below shows the QQQ ETF, which tracks the Nasdaq 100 has notably broken out of a downtrend. However, what comes next is crucial. we wait for bullish consolidation, such as a "bull flag" pattern that could indicate further gains.

QQQ ETF Stock Chart November 7, 2023
QQQ ETF Stock Chart November 7, 2023


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