NASDAQ 100 HITS NEW RECORD -- A NUMBER OF ITS LARGEST STOCKS ARE IN CONSOLIDATION PATTERNS -- APPLE HITS SEVEN-WEEK HIGH -- MICROSFT, AMAZON, AND FACEBOOK MAY BE IN TRIANGULAR FORMATIONS

NASDAQ 100 HITS NEW RECORD...With the Dow and S&P 500 reaching new records, the tech-dominated Nasdaq market has been lagging behind.   Not anymore.  Chart 1 shows the Invesco QQQ Trust trading in record territory today.  It's also the strongest of the major U.S. stock indexes.  It's getting a lot of help from stocks in commmunications and technology which are among today's strongest sectors.   Semiconductors are also hitting new records and helping lead the tech sector higher.   Eleven market sectors are in the black today which reinforces a strong start to the traditionally seasonally strong month of December.  A number of the largest QQQ stocks are also showing promising chart patterns.

QQQ STOCKS CONSOLIDATING...The recent rotation into cyclical parts of the market came at the expense of a number of tech stocks in the Nasdaq market.   Some of the biggest QQQ stocks, however, are starting to make their way higher again after going through a period of consolidation.  Chart 2, for example, shows Apple (AAPL) rising to a seven-week high after trending sideways over the last two months.  A test of its October high may be next.  Chart 3 shows Amazon.com (AMZN) trading between two converging trendlines in a potential triangular formation.   Triangles are normally consolidation patterns within an existing uptrend.   Chart 4 shows Microsoft (MSFT) also in a potential triangle.   Chart 5 shows Facebook (FB) also trending between two converging trendlines.   The stocks need to clear their upper trendlines to complete the triangular formations.   Triangles, however, are usually resolved on the upside.