LIVE MARKETS-Nasdaq Composite blazing the trail back up

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NASDAQ COMPOSITE BLAZING THE TRAIL BACK UP

After kicking off the week with a loss and ending a five-day winning streak, the Nasdaq Composite .IXIC rebounded on Tuesday. With this, one measure of the Nasdaq's internal strength, the New High/New Low (NH/NL) index, is back on an upswing, shining its light again.

The Composite, with a more than 6% advance, has led the recovery in the major indexes from their November 20 closing lows. The IXIC ended Tuesday at 23,413.67, or its highest level since November 12. The tech-laden index is now down 2.27% from its October 29 record finish and down 2.52% from its October 29 record intraday high.

After plunging from a high of 83.4% on September 23 to a low of 29.7% on November 24, the NH/NL Index has now advanced five straight days. The measure ended Tuesday at 43.3%, its highest level since November 7.

With last week's V-bottom reversal, from what now appears to be a washed-out level, the internal strength measure has also reclaimed its 10-day moving average (DMA).

The measure's next hurdle resides at 51.3%. Punching through this level can suggest room for much greater strength. The measure had numerous highs from late 2023 to mid-2025 that were above 70%.

A reversal below the now-rising 10-DMA, which ended Tuesday at 33.9%, can suggest a return of broad Nasdaq weakness, likely putting the Composite on the defensive again.

The measure's next troughs below 29.7% were at 27.1% and 17.7%. The April low was at 7.8%.

(Terence Gabriel)

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