Nasdaq LONG off supply zone, TECH DOWNGRADE BY GS?

We saw that the tech market as a whole was downgraded by GS this morning. The big bank and financial institution recalled the over valuation of the tech sector as a whole, being the Nasdaq 100 essentially. Due to the massive TECH weighing on the index. Goldman Sachs downgraded the forecast and instead said money should been seen a return to value soon. Which by their standards is banking stocks (financials) and the automotive sector.

Nasdaq demand zone was at 11,750-11,800 where the 50-day EMA was holding out. We saw a fight at that area and finally the bulls took over. It seems that tech wants one last push to the upside before giving up its gains. Big tech is now up 37% year to date while S&P 500 banking sector is down 35% YTD.

It seems that as long as buying is happening money will flow into big Tech for the gains, even though there are downgrades on a lot of big tech. We are in for at least an attempt back to 12,130 before making any rash decisions, should we break that top then we're going to see a lot of buying come in and through the tops we go.

We are so close to an ATH it seems almost certain we'll see it before the election. Keeping in mind this market is extremely sensitive the smallest amount of bad news could send us rocketing lower. Tech downgrades have also been small, AMZN downgraded from $3,750 to $3,740.

There are bulls in this market, but 1 shot to an ATH seems a little harsh without a pullback in this economy.