Posted in Newsletter
By: Tom Gentile on March 10th, 2021 • 1 min read
$1.9 Trillion Stimulus/ Relief Bill passed in the Senate last Saturday and today the House.
It goes to the President to sign in to action, which is expected to happen on Friday. At that point stimulus checks could be seen arriving to folks as early as next week.
The Dow surged to all-time highs. There is the expectation people will put some or all of that stimulus money to work in the markets.
The NASDAQ, however, has been sliding down from its peak mid-February.
It is still trading below its 50-day Simple Moving Average (SMA). It has bounced about 450+ points off its most recent lows a couple of trading days ago so that pivot point low needs to hold or continued downward pressure is possible.
If you expect a bounce is overdue for tech stocks, start going through maybe the XLK batch of stocks to find some tech stocks testing support price zones / areas.
C1P Chief 1-Percenter