Nasdaq at All-Time Highs While Fear Index Flashes Warning: Key Stocks to Watch

By Yogurt · 2026-09-23 · Market Analysis

The Nasdaq Composite is hitting new all-time highs, yet the Fear & Greed Index is flashing a reading of 35, indicating fear in the market. This divergence is creating uncertainty among investors. Is this a sign of an impending correction, or a setup for the next leg up? In his latest analysis, the analyst addresses this very question, highlighting several key stocks that are showing bullish chart patterns and could be on the verge of a breakout.

The core of the analysis focuses on the technical setups of several individual stocks, which the analyst believes are telling a different story than the fear index. He points to a recurring "Inverse Head and Shoulders" or "Cup and Handle" pattern across multiple charts, which are typically considered bullish indicators.

Here are some of the stocks highlighted in the video:

Accenture (ACN): Showing an inverse head and shoulders pattern with a breakout point around the $202 level.
HP Enterprise (HPE): Displaying a cup and handle pattern, nearing a breakout at the $64.2 price point. The stock is already above its 150-day moving average.
Pfizer (PFE): Similar to Qualcomm's recent breakout, Pfizer is testing its breakout line around the $28 mark, with a larger cup and handle pattern suggesting a potential move towards $35.
Eli Lilly (LLY): The stock has pulled back to test a support level at $1133, where buyers have stepped in for several consecutive days.
Rubrik (RBRK): The cybersecurity company is also showing an inverse head and shoulders pattern and has already broken out, with a potential to test the $103 level.
Ulta Beauty (ULTA): Currently above its 150-day moving average and testing the $576 resistance level with the same bullish patterns.
Nvidia (NVDA): The analyst saves the most significant for last. He points out that Nvidia is showing the same pattern as the Nasdaq itself. A breakout above its all-time high of $236.5 could lead to a 20% rally, pushing its market capitalization towards a staggering $6.5 trillion.

The analyst's message is clear: while the fear index suggests caution, the technical setups in many individual stocks are painting a bullish picture. He advises investors to be prepared for a potential short-term pullback, which could present a buying opportunity before the next leg up. He stresses the importance of not chasing stocks that have already run up, but rather identifying these setups just before they occur.

The key takeaway is that despite the mixed signals, there are opportunities in the market for those who know where to look. By focusing on the technicals of individual stocks, investors can potentially navigate the current uncertainty and position themselves for a potential market rally.