NASDAQ has closed below the 10 day average following profit-taking in tech stocks.
We continue to see the overall index as “overvalued” given compressed yields and negative revenue growth for a large number of the index constituents.
The NASDAQ index is under Algo Engine buy conditions following the higher low in May. Since the signal was generated, the index has rallied 15% and remains the only major index still under buy conditions.
The instrument to take advantage of the above trade is best represented in the Betashares Nasdaq 100
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