The NASDAQ is achieving wonderfully some very satisfying Fibonacci retraces for Primary Wave . It has surpassed the 38% retrace mark. At 2066 (still a ways to go!) it will have achieved a 50% retrace.
At 2150 lies a resistance zone that will be hard-pressed to penetrate.
Yes the NASDAQ seems to lead this bear market in its rallies but then again, people are enamored with these stocks like Apple, Google and what not. After all, they are flush with cash! On the other hand, the NASDAQ will also likely be the canary in the coal mine and when it reaches an impenetrable resistance layer, it will likely flash weakening signals to the P2 rally as a whole. So far it hasn't been stopped.
I might add that the whole thing looks like one gigantic rising wedge. This P2 rally never had a 38% retrace down (and I don't think it will - P2 should top without ever having a 38% retrace). Its never been tested. It seems to be in a hurry to get what it can when it can.
I must say, technically P2 will look bullish. The NASDAQ is starting to flatten out and turn upwards its 200DMA, which will happen to some degree. The SPX is not far behind. Some technical things will happen that will proclaim a lot of people to turn bullish. It will then remain to be seen if this can translate into more price rises through maga-resistance layers.
I do not portend that my rally count thesis must be perfectly correct. There is room for other interpretations. I however am still confident that that's all it is: a bear market rally, albeit the greatest just about in the history of the stock market. The subsequent drop will also make history. That is the theory. A Primary Wave 3 in a cycle wave c down is supposed to be the baddest-ass wave of them all.
Many hard-core bears are no longer believing that to be the case. Persistent price rises will do that.