Nasdaq 100, which includes the large cap FANG stocks,
lagged the stock market breakout to new highs last week,
putting in a short term rally double top at 7580,
and surprising the bullish crowd with their price action all week.
For the market's leading sector, the technology stocks
to weaken, and not rise against the backdrop of historic
all time highs in the Dow and S+P 500
it is a divergence that should not be taken lightly or underestimated
,
Note the Bullish Percentage in the Nasdaq 100 BPNDX is well below its 2018 winter peak.
Simply put,price action in the NDX 100 is being held up... by fewer and fewer stocks.
NDX 100 Major Monthly Support for September is at 7400
The resolution of this developing FANG stock divergence,be it from the rest of the market
will provide strong illumination of crowd behavior, by the end of September.
THE_UNWIND
lagged the stock market breakout to new highs last week,
putting in a short term rally double top at 7580,
and surprising the bullish crowd with their price action all week.
For the market's leading sector, the technology stocks
to weaken, and not rise against the backdrop of historic
all time highs in the Dow and S+P 500
it is a divergence that should not be taken lightly or underestimated
,
Note the Bullish Percentage in the Nasdaq 100 BPNDX is well below its 2018 winter peak.
Simply put,price action in the NDX 100 is being held up... by fewer and fewer stocks.
NDX 100 Major Monthly Support for September is at 7400
The resolution of this developing FANG stock divergence,be it from the rest of the market
will provide strong illumination of crowd behavior, by the end of September.
THE_UNWIND