Early on in this morning's session we have a QQQ bounce coinciding with bullish seasonality but especially in conjunction with rates on the 10-Year Note relaxing. While the inverse correlation between rates and the Nasdaq may very well be overhyped (for now), it is also worth nothing that the trade may be a self-fulfilling prophecy at this point given how many eyes are watching the dynamic between the two markets.
As a result, some of the best movers so far are in the Nasdaq. TSLA and SPLK are just two examples. And some beaten-down former monsters like OKTA and ZM are developing near-term potential double-bottoms on their daily charts.
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