$NVDA rebound happening on schedule & Semis should outperform within Technology

Technical trends for US Equities are bullish, and this week’s breakout in $MAGS (Roundhill Magnificent 7 ETF) has now helped $SPX to push higher to achieve an all-time high as of today, 12/23/25.  While $QQQ has underperformed $SPX lately and has not yet risen to resistance similar to $SPX, it’s thought that NVDA’s rally in recent days should begin to help the NASDAQ show more strength into end of year.  Meanwhile, the US Dollar has diverged negatively from US Treasury yields and has been weakening steadily.  However, the resilience in yields on the long end doesn’t seem to be affecting progress in Gold, Silver nor Copper, all of which are showing above-average strength.  Defensive sectors have been underperforming in recent weeks which fits in with holiday seasonality, while Consumer confidence remains near five-year lows.  Bottom line, I expect further strength out of Equities over the last five trading days of the year, and anticipate that $QQQ likely can play catch-up in the coming days.

$SPX officially made new all-time highs on a closing basis today, Tuesday December 23rd, with its close at 6909.78.  DJIA, Equal-weighted SPX along with NASDAQ are eventually expected to join suit into early 2026.

While NASDAQ has proven a bit weaker than $SPX in recent days, the comeback in $NVDA looks to be happening right on schedule with a cycle composite I shared in last week’s Technical note on 12/16/25, entitled “NVDA cycle looks to be close to turning back higher”.

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