Too much green in the ‘current’ section of Bearish Breadth to bring comfort. The market had been rallying on the back of the Mag 7/AI theme, but those stocks are now struggling as well, joining many other measures of market heath in moving lower. Tuesday saw a massive drop in Korean stocks, which had been propelled by the tech mania (among other internal political catalysts). That weakness is seeping into U.S. markets with tech struggling in the short-term. Major support levels remain below the Indices, giving bulls a hope they hold, and we don’t see further deterioration into a summer doldrum.
Breadth Thrust Composite
A collection of multiple breadth thrust indicators based on different indices that incorporate price and volume to mark when extremely strong buying activity is taking place by the movement of individual stocks. When multiple of these thrusts occur in a short period of time, the reaction in the S&P 500 has historically been positive going forward.
Breadth Thrust Composite is at 0.
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