NASDAQ Hits New Highs—But What’s Macro Saying?
The tech-heavy index has staged its third-fastest recovery since 1990, bouncing back from April's 23% decline as macro conditions improve and technical momentum builds.
The NASDAQ just logged another all-time high.
After a 23% drop in April on trade war fears, the bounce back has been fast—really fast. This is now the third quickest recovery in US tech since 1990 (behind only the 1998 crash and Covid sell-off).
What the charts say:
Bears are out. Bulls are in charge. Expect more talk of a melt-up.
What Macro says:
Big picture drivers—growth, inflation, the Fed—are back in focus.
The Data:
- Macro confidence is high at 82%.
- eyeQ model value has risen 7.1% since April 1st.
- But QQQ (the NASDAQ ETF) is now 2.5% above its macro-warranted value.
That’s not extreme - certainly not enough for a sell signal, but no longer cheap either.
Put another way - slightly too rich to chase, but too early to fade.
Bottom line:
- Momentum is strong, macro is improving.
- But from a valuation angle, this isn’t the ideal entry point.
- No warning signs yet—but watch that gap.
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Prices above are subaject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
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Prices above are subaject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
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