Summary

Tuesday was another stellar day for equities, and one of the most-hated rallies in recent history continued to steamroll the bears. After tanking by 23% from its closing all-time high on February 19 to its closing low on April 8, the Nasdaq 100 (QQQ) is the first major index to recapture its entire bear-market fall and spike to a new all-time high (ATH). The rally represents a 30% shot to the upside in 11 weeks and is the largest move in that timeframe since the pandemic. We have made quite a few comparisons to the pandemic when discussing the recent decline and subsequent "V-shaped" recovery. The S&P 500 (SPX), S&P 100 (OEX), the Invesco S&P 500 Top 50 ETF (XLG), and the Nasdaq Composite are all close to ATHs. The S&P MidCap 400 has work to do, and the S&P Small Cap 600 has a lot of work to do. Remember, all-time highs are bullish...except for the last one in a bull cycle. The SPX and OEX tacked on another 1% on Tuesday, while the Nasdaq rose 1.4%, and the QQQ added 1.5%. Information Technology led the 11 S&P 500 sectors, popping 1.8% and propelling the XLK (Technology Select Sector SPDR Fund) to an all-time high. The Tech ETF has soared 38% from its April closing low. The mega-cap semiconductors led the charge, as both the iShares Semiconductor ETF (SOXX) and th