Growth Stocks Took the Wheel Today
Nice day today, especially in growth and technology. A look at MTS Velocity’s RS Dashboard shows where the strength showed up:
Nasdaq-100 $QQQ: +2.77%
Nasdaq-100 Equal Weight $QQQE: +2.44%
Russell 1000 Growth $IWF: +2.43%
Nasdaq Composite ETF $ONEQ: +2.32%
Semiconductors led the industry groups, with $SOXX gaining 4.93% and $SMH 4.02%. Memory, cybersecurity, internet, and software participated too. At the sector level, Communication Services +3.56% and Technology +2.77% led the way.
The QQQ chart is looking good: a strong move back toward the top of its multi-month range on above-average volume, putting the prior highs within reach.
Encouraging action in growth. Now I’m watching whether Nasdaq Composite and QQQ can clear those prior highs and whether more individual stocks can complete their bases and break out alongside it.
