NASDAQ's volatile moves
This has been an incredibly volatile 6 months for the NASDAQ. The number of 1% moves in the past 6 months is quite high:
When this happened in the past, the NASDAQ Composite had a tendency to rally on all time frames since it typically happened near or after a market crash.
This was also a very bullish sign for S&P 500 over all time frames with the exception of 2002.
Now to better fit the current scenario where all tech stocks have been rallying non-stop, let's see what happens when NASDAQ's >1% upward moves have reached some of the highest levels ever.
When NASDAQ rallied >1% for 41 days over the past 5 months, this was a bearish sign for the NASDAQ index over almost all time frames.
And as for S&P 500, this was bearish 1 week later but was a more bullish than random sign on every other time frame.