Underlying Breadth Remains Challenged
Underlying Breadth Remains Challenged
A late-week rally was not enough to pull the DJIA and S&P 500 from the negative column as crude oil and Treasury yields remain at elevated levels. Instead, investors bid up mega-cap technology stocks, pushing the NASDAQ 100 (NDX) to fresh highs to end the week.
The technical condition of the market remains mixed as the period came to a close. Despite record highs from the NASDAQ and NDX 100, underlying breadth remains extremely weak. Fresh record highs in the tech heavy indexes were accompanied by more new 52-lows than new highs, a divergence that has occurred only twice before in market history...
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| Index | Close | Day Change | Day % Change | YTD % Change |
|---|---|---|---|---|
| NASDAQ COMPOSITE | 27477.31 | 286.45 | 1.05% | 18.22% |
| DJ UTILITIES | 1020.78 | 2.76 | 0.27% | -4.43% |
| DJ TRANSPORT | 19791.56 | -218.19 | -1.09% | 14.03% |
| DJ INDUSTRIALS | 51267.9 | 90.94 | 0.18% | 6.67% |
| NYSE COMPOSITE | 23788.62 | 134.31 | 0.57% | 8.11% |
| S & P 100 INDEX | 3878.89 | 24.21 | 0.63% | 13.01% |
| RUSSELL 2000 | 2847.14 | 14.24 | 0.5% | 14.72% |
| S&P 500 | 7773.95 | 51.23 | 0.66% | 13.56% |
| CBOE MKT VOLATILITY | 15.52 | 0.21 | 1.37% | 3.81% |
| AMEX COMPOSITE | 8216.48 | -86.7 | -1.04% | 19.66% |
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