The market has been showing some interesting divergence here as the indexes push back toward all-time highs. The NASDAQ Composite Index and the NASDAQ 100 Index have slowed their upside paces while the NYSE-based indexes have acted relatively better. Both NASDAQ indexes sold off yesterday with the NASDAQ 100 getting hit with a big-volume reversal off the highs.
Today the NASDAQ indexes both headed lower early in the day as the Dow and S&P 500 headed higher, but both finally found their feet and closed higher on the day. Now that all the dust has settled, the chart shows that NASDAQ simply bounced off its 10-dma today on strong volume, although slightly less than yesterday’s. The zombie-walk continues.
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