Friday saw a major divergence between the Dow, S&P and the NASDAQ indexes. The S&P spent most of the day waffling between positive and negative readings. At one point the S&P set a new all-time record high as it reached 2446.20. The Dow also pushed higher reaching a new all-time high of 21,305.35 before falling back and closing at 21,271.97, which was still, a new closing high.
The NASDAQ however succumbed to heavy selling. Goldman Sachs seemed to start the selling when an analyst indicated that the big tech names in the NASDAQ rally, were overvalued. These were Apple, Microsoft, Amazon, Facebook and Alphabet. This happened as the NASDAQ was hitting a new all-time high in the morning, reaching 6341.70. Selling commenced around 11:30 but was growing by the lunch hour. The early afternoon saw most major tech names fall, including the big 5 names mentioned above. This brought in more selling which by 2:50 PM saw the NASDAQ down to 6137.68 for a drop of 204 points from the morning all-time high. By the close, the index was down 113.85 points from Thursday’s close, ending that day at 6207.92.
Here is the outlook for Monday Jun 12 2017 for the S&P and NASDAQ indexes as seen from the Market Breadth Indicator readings from Fri June 9 as well as a review of the past week’s Market Breadth readings.
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Advance Decline Numbers Outlook For June 12 2017
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