Nasdaq Is Exploding Higher

With a little nudge from China’s plunge protection team, growth/momo traders are panic-buying big-tech this morning, lifting Nasdaq up a stunning 3.5% from last night’s close…dramatically outperforming The Dow (in a total mirror of yesterday’s price action)…

Nasdaq bounced hard off its 100DMA…

But now faces some resistance at recent peaks…

As we said last night, it appears the world’s central banks have drawn the line in the sand – no more than 10% drawdowns and life is good.

Let’s see what happens at the European close today.