LIVE MARKETS-Nasdaq Composite: New highs, but sputtering thrust is a concern
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NASDAQ COMPOSITE: NEW HIGHS, BUT SPUTTERING THRUST IS A CONCERN
The Nasdaq Composite .IXIC rose 0.35% on Thursday to end at 21,242.70. With this, the tech-laden index scored its 17th record closing high of 2025 and is now up 10% on the year.
Meanwhile, traders are taking note of technical deterioration.
In a sign of dissipating energy, one measure of internal strength, the Nasdaq New High/New Low (NH/NL) index, ended Thursday at a multi-month low:
On July 28, this measure hit 76.2%, which was its highest level since 76.23% on February 9, 2023.
It finished Thursday at 54.8%, which is its lowest reading since 52.7% on May 19.
In order to add confidence in the sustainability of the Nasdaq's rise, bulls want to see the NH/NL index stabilize, turn higher, and reclaim its descending 10-day moving average (DMA). The 10-DMA should be just below 66% on Friday (the 10-DMA is falling around 2 percentage points per trading day).
A NH/NL index push through its 2023 high at 79.2% can imply potential for it to extend to above 90%, amid what could be a much more protracted Nasdaq advance.
(Terence Gabriel)
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EARLIER ON LIVE MARKETS:
EUROPEAN CREDIT SPREADS TO OUTPERFORM U.S., SAY GOLDMAN CLICK HERE
INVESTOR BEHAVIOUR MIRRORING POST COVID-VACCINE SURGE CLICK HERE
THREE STAGES OF A RALLY IN EURO ASSETS CLICK HERE
A WEEK IS A LONG TIME IN MARKETS CLICK HERE
EUROPE BEFORE THE BELL: FUTURES EDGE UP TO ROUND OFF STRONG WEEK CLICK HERE
TRUMP MOVES TO EXTEND GRIP ON FED CLICK HERE
NasdaqNHNLindex08082025
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