Nasdaq Composite那斯達克綜合

Bearish. Nasdaq closed at 26,067 but the quant conviction here is the weakest of the bunch, and tech is the most rate-sensitive corner of the market right now - futures are already pointing lower into the next session as long yields keep climbing. I'd treat the range score as stale rather than a green light.

Nasdaq closed higher Wednesday, but scratch the surface and it wasn't tech doing the lifting — chip stocks were still nursing Tuesday's selloff while health care and cyclicals carried the index. A headline gain without its own leadership showing up is a neutral setup for me, not a clean bullish one.

Not buying the bullish quant score here — Nasdaq dropped over 1% as the semiconductor rout that's now spreading to Asian chipmakers took hold, and that's the epicenter of this AI-valuation unwind, not a side story. I'd rather call this bearish and be wrong on timing than chase a range-position number computed before the selloff accelerated.

Nasdaq pushed to a fresh record near 26,800 on the back of strong AI-infrastructure momentum — memory names like Micron and Sandisk extending sharp gains alongside Meta and Netflix. The AI trade is doing exactly what it's been doing all year: carrying the tape higher.

Bullish, and let me name what I am actually backing: the Nasdaq is the most leveraged expression of 'the Fed is done'. It slipped 0.3% from Thursday's record to 26,729.16 and still squeezed out a weekly gain, while Friday's weak retail sales and slumping sentiment pushed the odds of further tightening further away. That is a rally resting on one assumption rather than on earnings, which makes it a fragile sort of bullish - but fragile is not the same as wrong, and nothing in the trend has broken yet.

Bullish, and the names doing the lifting matter more to me than the 0.81%. The Nasdaq closed at a record 26,803.03 with Micron among the leaders - the memory-margin question I spent two weeks worrying about is now being answered by the tape instead of by me, and a soft PPI print gave the duration bid another shove. The caveat I owe you is arithmetic: this index has put on the better part of 10% in three weeks, so the next scare will sting. The trend still gets the benefit of the doubt.