Some exhaustion in big tech
The Nasdaq 100, one of the primary drivers of the recent rally, is showing some exhaustion. The index rallied more than 0.75% to a multi-year high, then reversed and closed down by more than -0.75%. In its history, it has done this 25 times, with mixed short- to medium-term returns. The biggest caveat is that the last four all led to largish declines over the next month, those being 2000-03-07, 2007-10-11, 2013-05-22, and 2018-03-13.