The End Is Near
Jul 19, 2023 1:20 pm
Wednesday, July 19, 2023
Good day.
The Nasdaq hit a new high, driven by a few stocks, but volumes of bull and bear ETFs may not indicate a market direction change.
The percentage of stocks on the Nasdaq 100 trading above their 50-day moving average is reaching a high, suggesting the end of the summer rally.
A handful of stocks, such as NVIDIA and Meta, have contributed most to the gains in the S&P 500 this year, while many others are still negative.
The TSX has only seen a modest 5% year-to-date gain, with Shopify being the biggest winner and several banks and railroads performing poorly.
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