Bullish Tech Momentum Building
- QQQ gained 3.5% this week (609.47→631.06), approaching 630 resistance level
- SPY up 2.3% (679.65→695.51) with consistent higher highs/lows
- VIX remained low at 16.1-16.4, indicating stable investor sentiment
- EMAs suggest building momentum below short-term but above long-term averages
- Technical breakout above $630 sets target for $650-$655 by late February
- Strong semiconductor/digital storage performance driving tech rally
- Fed held rates steady at 3.5%-3.75%, maintaining supportive policy backdrop
- Bullish outlook: 3-5% upside expected in SPX/QQQ over coming weeks
- Watch for Consumer Staples relative strength vs Tech as potential early warning signal