The Nasdaq 100 and Nasdaq Composite index both remain in solid rising trends (Bull Markets), Nothing of late has changed the long-term trend!
Below looks at the Nasdaq ETF QQQ over the past few years and highlights some short-term price action that could become concerning to Tech bulls.
Authored by Peter Tchir via Brean Capital,
I wish it was Sunday‘Cause that’s my fun dayIt’s just another melt-up Monday
The S&P 500 has rallied 1% or more four times this year – three of those have been on Mondays (4 out of the 7 largest upside moves this year in the S&P 500 have been Monday’s).
Unlike in the good old days where Merger Monday mania drove Wall Street, it has been – take your hedges off Monday that has driven the returns.
Last week we warned of 'low volume highs' as internal cracks began appearing in the markets. Today, J. Lyons' Fund Management's Dana Lyons points out another 'crack' - The recent string of Nasdaq new highs occurring with negative breadth has only been matched by a stretch in 1999-2000.
In the last few months, we have observed a recent cluster of 52-week highs in the Nasdaq Composite occurring along with negative breadth on the exchange, i.e., more declining stocks than advancers.
Having previously exposed the greatest trick the market has pulled on Biotech investors in the past - What Is The PE Of The iShares Biotech ETF? It Depends On Whether You Read The Fine Print - it appears investors need another lesson in reality versus perception.
As Horizon Kinetics puts it so eloquently - It’s One Thing to Not Know, It’s Another to Be Told What Isn’t So
The euro soared to the highest level in over a year while bond yields and global shares also climbed, as an ongoing barrage of coordinated hawkish comments from central banks signaled the era of easy money might be coming to an end for more than just the United States. S&P futures were fractionally in the green following the best day for US equities in two months, as banks climbed after passing the Fed's stress tests and announcing bigger than expected shareholder payouts.