Chart of the Week: Nasdaq 52 Week Net New Highs

The raw net new high index is below the May levels that recorded the NASDAQ’s most recent trough and the 10-day series (orange line) is also below the zero line.

Mixed Picture: Nasdaq 52 Week Net New Highs
Click for Larger Chart
Source: Technimentals

While this is suggestive of oversold levels, it also is a sign of tape weakness.

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Quote of the Day
“As I’ve said many times: the future is already here; it’s just not very evenly distributed.”
William Gibson, The Science in Science Fiction

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