Nasdaq Technical Analysis – Rotation hits the tech heavy index ...Middle East

Fundamental OverviewYesterday, we got some goldilocks data as the US CPI report came in on the softer side and the US Jobless Claims remained stable. Despite this, the Nasdaq sold off and erased all the gains from the US NFP report. The culprit seemed to be rotation being driven by hedge funds facing short squeeze on their small cap hedges as yields come down, noted Bob Elliott CIO at Unlimited Funds. In fact, the Russell 2000 displayed an opposite price action with the index having its biggest daily performance against the Nasdaq on record. This is generally very short-term stuff, so it wouldn’t be surprising to see the Nasdaq going back to its usual upward trend today. Nasdaq Technical Ana

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