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Investors should buy into the Nasdaq 100 (NDX) on the pullback, as its steadiness ascent is largely underappreciated by Wall Street, Oppenheimer analysts said in a Technical Analysis note.
The Nasdaq 100 (NASDAQ:QQQM), (NDX) is a key driver of the cyclical bull since 2022 and the secular advance since 2013. The recent setback is helping remove near-term excesses, analysts said.
Oppenheimer analysts still recommend selling lower-volatility, counter-cyclical sectors, such as consumer staples (XLP), which is rated underweight, “maintains its trend of underperformance, and is vulnerable to lag in a rising market.”
Two sectors that have been leaders through the market rotation:
Industrials (XLI)
- Axon Enterprise Inc. (AXON) – A “pre-breakout” idea
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