The NASDAQ 100 is roaring back today with a gain of 4.5%. This monster move is a result of yields dropping, coupled with a major technology stock oversold condition. So how high could this bounce go? Based on the NASDAQ 100 technical analysis, the upside could take the QQQ to $320.00. That means there is another $7.00 of upside on the QQQ before it hits major resistance. Ultimately, investors should understand yields will eventually head towards 2% on the 10 year. This means the NASDAQ 100 technology stocks will sell more in the coming months. However, in the next few weeks, yields are likely to chop/consolidate, thus allowing the NASDAQ 100 to trade up to the $320.00 level.
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