The longer term gap between NASDAQ and the US 10 year remains huge
Source: TME, Refiitiv
With total return data going back to March 1999, the Nasdaq 100 (NDX)’s 42.54% YTD total return is the best on record (2020’s post-Covid bounce in tech stocks came close)
Source: Jim Bianco
NASDAQ's bearish cross. The 21 day has now crossed the 50 day moving average.
NASDAQ futures putting in the biggest down candle in a long time and it looks like we have a new short term trend channel to watch. Source: TME
Strange day on Wall Street. Despite Nvidia blockbuster earnings the Nasdaq is in the red
Within $SPX the pockets of strength are in real estate, utilities, financials, healthcare, and consumer defensives. Low vol is outperforming high beta. There are rotations to safer parts of the market happening underneath the surface. Source: Markets Mayhem, Bloomberg
NASDAQ is currently trading right on the 50 day moving average
15200 is a short term level to watch, but the bigger support is at 15k. NASDAQ is now established "well" below the channel. Source: The Market Ear, Refinitiv
Nasdaq has now been 'overbought' for 60 days
Its longest period since the run-up to the bursting of the dot-com bubble...
US Treasuries sold off yesterday and are now on the verge of a breakdown from support
The chart below courtesy of Crescat Capital / Tavi Costa is a reminder of the divergence between rising yields and the highly valued Nasdaq index. Is this divergence sustainable? Source: Bloomberg, Tavi Costa
Nasdaq is still lagging the average bear market recovery performance, per Bloomberg.
Source: Cheddar Flow
