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Strength in the Nasdaq

19 April 2020 12:54 PM | MajorIndexSignals.com (Administrator)

Since the recent market low on March 23rd, we wanted to see was there solid support behind the move.  So we turned to our analysis software and wrote up the code to run the test.  Even we were surprised to see the result.  In the current market rebound, 86 of the 103 stocks currently in the Nasdaq 100 were within 10% of near-term highs.  That is a lot of strength!  As we've noted before, the reality that the other indexes aren't participating in the rebound nearly as much makes us concerned of the health of the overall market.  However, it may be that similar to the dot.com area, the Nasdaq tech index WAS the market.  Here's the graphical result of our study.


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