The Nasdaq bounced off its 50 day moving average, but has failed to make a new high, while the Dow and the S&P500 have each hit new rally highs. Momentum is somewhat deteriorating on the NASDAQ, even though trend is still up.
% of Nasdaq issues at 30 day highs
Source: Technimentals
Technimental’s Kevin Lane notes “There is a clear line in the sand at the 2,000 level, a close below this support area, given the fact momentum already is in a weakened state, would create the long awaited corrective wave. Remember however, this idea is off the table as long as we stay above these supports levels.”
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