THE Nasdaq rallies to an all time high, on the 'hope' of 2024 rates cuts despite a tight labor market, stuck inflation. Also, sluggish earnings for chips and 'narrow' AI has reached its peak.

Despite a chip market sluggish on poor earnings and revenue, slightly lower employment numbers and inflation stuck (or embedded) sideways for the U.S. economy.  The hope for the Federal Reserve to cut rates in 2024 is gaining momentum,  until it isn't.  Thus, the desire that borrowing rates will drop to pump more money into speculation ala AI, computer chips and Crypto.  Hardly job creating industries.  

The NASDAQ is now trading at all times high and above no-man's-land in unprecedented territory.   Please refer to the above chart with call out notes. 

Supports: 18750, 17878, 17243

What could go wrong?

“Don't you know about the praying mantis that waved its arms angrily in front of an approaching carriage, unaware that they were incapable of stopping it? Such was the high opinion it had of its talents.” 

 Zhuangzi