May. 8 at 11:26 AM
$SPY $QQQ $NVDA $SMH $AMD
The market has earned a rest.
Since the March lows, we have seen one of the most powerful rallies in recent memory. The S&P 500 has gained more than 10%. Semiconductors have surged more than 40%. Record after record has fallen.
Yesterday's reversal from intraday highs, the fading of semiconductor leadership, and the approach of psychological resistance levels like QQQ
$700 all suggest the easy phase of this rally may be complete.
That does not mean the bull market is over. The earnings backdrop remains strong. AI demand continues to accelerate. The labor market is holding. If the Iran situation resolves, the path higher becomes clearer.
But expecting straight-line gains after a move of this magnitude is unrealistic. Consolidation is healthy. Pullbacks create opportunity. The investors who stayed invested through March captured the rally. The investors who maintain discipline through any near-term pause will be positioned for what comes
https://dansheehan.beehiiv.com/p/a-pause-at-the-summit
