US stocks punched to fresh all-time highs overnight as tech stocks found their lost mojo, the broad based S&P500 is now up well over 80% from its COVID low, a great example of buying when there’s blood on the streets. While Joe Biden is expected to “go big” with his stimulus plans the markets looking forward and it the tech sell off appears to have gone far enough.
As touched on US tech has been weighing on the broad US indices but at MM we still see an upside surprise looming on the horizon and last night’s strong rally through trendline resistance feels like we might be off to the races – a test of 14,000 remains our preferred scenario.
MM can see US tech outperforming in the coming weeks / months.
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