Massive Tech Rally and Potential Pullback
Key Points:
- Continued significant tech rally observed from 2023 into 2024.
- Anticipated major pullback in early 2024 only resulted in a minor one.
- Earnings reports across various sectors are showing disappointing results, with the exception of the tech industry.
- The tech heavy ETF and index is primarily driven by NVIDIA and a few other AI and semiconductor companies.
- Technical data suggests another minor pullback imminent, the magnitude of which will be clarified post NVIDIA earnings announcement on Wednesday.
Takeaway:
Despite the downturn in numerous sectors, the tech industry remains robust, driven by key players such as NVIDIA and buoyed by the promise of AI and semiconductors. The notion of a major pullback in 2024, as anticipated by many, has proven to be unfounded so far, with only minor pullbacks observed. According to technical data, another minor pullback is anticipated. However, the actual extent of this awaits the announcement of NVIDIA’s earnings on Wednesday, which will be a defining moment in shaping investor sentiment towards the semiconductor industry and the prospective impact of AI.
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