U.S key stock index - Nasdaq 100, S&P 500, Dow Jones
Tech superstars, including Tesla and Nvidia led Nasdaq 100 and ended short term down trend. But the optimism has not been spread to Dow Jones. S&P 500 ended short term down trend but started reverse with weak momentum.
It is not clear if the short term up trend will be long enough to drive mid term trend to change. There are two things that may affect the process:
1. The coming Nvidia Q2 report on Aug 23
2. The Fed's message this Friday.
One should still be very careful with today's rebound. We suggest if one wants to call long for his portfolio, it is better to wait for the confirmation of Mid term direction change.