Currently the Nasdaq Composite is the strongest of the three main U.S. stock indices. On 05/26/23 the Nasdaq Composite made a new post October 2022 rally high. The Dow Jones Industial Average failed by a wide margin. The S&P 500 came close to a new high but missed by 4 - ticks.
The Nasdaq 100 is stronger than the Nasdaq Composite, and on 05/26/23 was just below important Fibonacci resistance - a .618 retracement of its November 2021 to October 2022 decline.
What some traders may not know is that within the last few months the number of new 52 - week highs in the Nasdaq Composite have been colapsing.
On 02/02/23 there were 138 - new highs.
On 05/22/23 there were 80 - new highs.
On 05/26/23 there were only 69- new highs.
Note that GOOG which is one of the largest stocks in Nasdaq, failed to make a new high. Typically when a stock index is nearing a significant top only the largest and most popular stocks are making new highs. Its shocking that GOOG which for several years has been a leading Nasdaq stock did not make a new high on 05/26/23.
The Nasdaq and the broader U.S. stock indices are a facade. Underneath the surface is a rotting structure that could soon colapse.
The Nasdaq 100 is stronger than the Nasdaq Composite, and on 05/26/23 was just below important Fibonacci resistance - a .618 retracement of its November 2021 to October 2022 decline.
What some traders may not know is that within the last few months the number of new 52 - week highs in the Nasdaq Composite have been colapsing.
On 02/02/23 there were 138 - new highs.
On 05/22/23 there were 80 - new highs.
On 05/26/23 there were only 69- new highs.
Note that GOOG which is one of the largest stocks in Nasdaq, failed to make a new high. Typically when a stock index is nearing a significant top only the largest and most popular stocks are making new highs. Its shocking that GOOG which for several years has been a leading Nasdaq stock did not make a new high on 05/26/23.
The Nasdaq and the broader U.S. stock indices are a facade. Underneath the surface is a rotting structure that could soon colapse.
