Adam Turnquist, Chief Technical Strategist at LPL Financial, said that since the rise after the US election on November 5th, the percentage of Nasdaq component stocks hitting a 52-week high has decreased, suggesting a decrease in the number of stocks supporting the upward trend. Historical experience shows that the technology stock index may need a slight consolidation before longer-term momentum recovery.
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Adam Turnquist, Chief Technical Strategist at LPL Financial, said that since the rise after the US election on November 5th, the percentage of Nasdaq component stocks hitting a 52-week high has decreased, suggesting a decrease in the number of stocks supporting the upward trend. Historical experience shows that the technology stock index may need a slight consolidation before longer-term momentum recovery.