Technology stocks again led the market higher overnight, with Meta surging 6%, Microsoft and Alphabet climbing almost 5% each, Amazon gaining more than 4% to a record US$3 trillion market capitalisation, and Nvidia adding nearly 3%. Risk sentiment surged following President Trump’s cancellation of the latest round of bombing in Iran, and fears of AI spending dissipating after strong earnings last week from Microsoft and Amazon.
Yesterday’s close triggered technical buy signals as the market closed back above June’s swing low, at least targeting a retest of the market’s all-time high.
- We are looking for a break of 31,000 into Christmas, or at least a further 8-10% upside.
MM remains bullish towards the NASDAQ around 28,800
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