MarketSurge powers the charts in this video.
Bull markets climb a wall of worry. They keep brushing bad news off and find a way to continue rising. The most recent examples include the war in the Middle East, which spiked crude oil prices; the Fed’s reluctance to cut rates due to fears of higher future inflation; and the lack of any signed major trade deals.
Despite everything, the dips in QQQ to its 20-day moving average have been consistently bought. We all know this is not going to last for too long. It is normal to see deeper pullbacks even in a bull market, especially in individual stocks. After all, bull markets don’t lift all boats equally; they are an environment for good stock pickers. Bull markets also tend to correct through rotations. We have seen lately how legacy stocks like AAPL, GOOGL, Visa, and Mastercard have been under pressure while recent IPOs like CRCL and CRWV have been on absolute fire.
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