The QQQ officially hit new ATHs today before fading, while the S&P 500 came within 0.7%.
NVDA, the AI King, just reached new ATHs today for the first time since January 7th.
But overall, the action was quite mixed today with Small Caps finishing negative (-1.2%) and breadth weak.
I am reminded by the 2018-19 analog I called out a couple weeks ago in “Mixed Action”. The 2018-19 market rebound is the closest historical correlation to our current 2025 market rebound.
In “Mixed Action”, I wrote:
Looking closer at the 2018 non-recessionary Bear Market and recovery, it was not until stocks officially reached ATHs that we saw our first real pullback in the market.
In the 2018-2019 market recovery, the S&P 500 very briefly recovered to new ATHs following a -20% market correction/Bear Market. Almost immediately after hitting new highs, we had an ensuing -7.6% pullback.
