Asset Watch
Tuesday, November 8, 2022
While investors have rotated out of big tech in droves, one positive may be lurking beneath the surface. For example, hammer candles occur when an asset endures a large intraday swing and then closes near its high. And with the NASDAQ 100 achieving this milestone on Nov. 4, it’s a constructive development.
The last two times the pattern emerged, the NASDAQ 100 recorded brief trough-to-peak rallies of 10.7% and 12.2%, respectively.
Will big tech regain its mojo? Or should you stick with the cyclical sectors that continue to outperform?