On Friday 27th October, the NASDAQ 100 futures contract closed at 14,185.
By Friday 10th November, it has risen 9.35% to 15,512.
Longer term, the current rally in stocks should be thought of as part of the bull market that began from the October 2022 lows.
Here’s a weekly chart to illustrate:
As with the daily chart, the NASDAQ 100 reversed off its long-term moving average with increased volume in October 2022.
It’s the same story with the S&P 500 gaining momentum and strength from increased volume and higher prices.
I’ll be looking for the NASDAQ 100 to take out or hover around its previous highs at 16,000 before pulling back and regaining upside momentum driven by investor appetite for large-cap tech stocks, which does not seem to be disappearing any time soon.