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WITH TECH ON A TEAR, NASDAQ LEAPS TO THE TOP OF THE HEAP

Thanks to a strong run in tech shares off the early-April panic lows, the Nasdaq composite is leading the major indexes higher so far this year.

The Nasdaq composite .IXIC rose 0.25% on Wednesday to end at 20,730.49. With this, the tech-laden index scored its ninth record closing high of 2025, and it's now up 7.35% YTD.

This compares to the S&P 500 index's .SPX eight record closing highs and 6.5% gain, and the Dow's .DJI zero record finishes and 4.0% rise.

Tech .SPLRCT is the second-best performing S&P 500 sector so far this year, with a 10.9% rise (industrials are the top performer with a 14.1% gain). However, since April 8, tech has surged 46%, which is by far the strongest rate-of-change of any of the benchmark index's major groups.

Chips, a key subsector within tech, have been doing even better. The SOX index .SOX has surged nearly 60% off its April trough.

And now, with U.S. listed shares of Taiwan Semiconductor rallying in premarket after the company reported a strong profit jump, chip stocks are quoted slightly higher ahead of the open.

Meanwhile, in the wake of more economic data including fewer jobless claims than expected and above estimates retail sales, e-mini Nasdaq 100 futures NQcv1 are slightly green.

Still, the composite faces resistance at its July 15 record intraday high at 20,836.04:

That said, the prevailing trend still favors a move higher to challenge a weekly Gann Line from the March 2020 low, which is now resistance around 21,750. (Gann Lines are lines drawn at specific angles from significant highs and lows). This line, which capped strength in July 2024 and December 2024, is now around 5% above Wednesday's close.

In terms of initial support, chart congestion now runs from 20,492 down to 20,105.

Bulls don't want to see the index reverse back below the broken resistance line from the December 2024 peak, which is now support, around 19,700 on Thursday, or the rising 50-day moving average, which should be around 19,550.

(Terence Gabriel)

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EARLIER ON LIVE MARKETS:

GOLD NEEDS A NEW CATALYST CLICK HERE

DOLLAR REBOUND COULD STALL ON POWELL FUTURE CLICK HERE

INDUSTRIALS AND CHIPS DRIVE STOXX BOUNCE CLICK HERE

BEFORE THE BELL: POWELL ASIDE, EARNINGS RETAKE CENTRE STAGE CLICK HERE

MARKETS STOIC OVER POWELL'S SHIFTING FATE CLICK HERE

(Terence Gabriel is a Reuters market analyst. The views expressed are his own)