The tech-based NASDAQ not surprisingly looks very similar to the more broad-based S&P500 although its bond yield-inspired swings have been slightly amplified i.e. the NASDAQ has corrected 36% while the S&P500 has only fallen just 26%. The index ended last week less than 1% above its 2022 swing low which looks set to be broken in the coming days but if we are correct the market should spring back fairly quickly i.e. we expect no real follow-through to the downside.
- No change, we still believe US tech stocks are presenting good value around current levels and a strong bounce is close at hand.
MM remains bullish on the US Tech Sector into Christmas
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