Tech bottomed?

S&P 500 bears had a decent chance to reverse the premarket bounce, but Nasdaq following AMZN earnings flush refused to show more weakness than a feeble test of QQQ $600. Once $603 was cleared to the upside (happened on third attempt), it was time to expect a slow grind higher beyond tech – I came to this conclusion having looked at QQQJ, MAGS and even IGV.

Gold kept nicely recovering, followed by silver, and even Bitcoin – I‘m though not looking for crypto to be (long-term) out of the woods, not by a long shot – significantly lower values await. Who were the beneficiaries this week? The most important markets – Treasuries seeing yields retreat on the short end, and USD is having second thoughts about rolling over to the downside too (wait for next tariff round, for now the bleeding stopped).

This has definitely been a defensive week, and even healthcare (following Medicare prices to come news) scored a solid Friday, that broad was the daily advance. A most justified question is whether that‘s all over with BTC barely crawling up above $70K…

Not that everything would be hinging on crypto, but it‘s definitely a sentiment and liquidity indicator, and I view the market as lacking depth still, but on a slow, tricky mend. As I wrote a week ago, it‘s about good and better earnings (guidance) not being sufficient enough to drive valuations expansion at the moment – and even if the new Fed Chair is perceived as a hawk, I wonder whether he would not cut rates one of the first things when in office.