All or None Marketplace, Ransomware Beef, Trading AMC and Abbott Labs Also, the ISM survey results showed us a few trends that at least appear as potential if not troubling question marks on the horizon.
One might think upon first glance that Tuesday s equity market pricing across equities, coming off of a three day weekend, to be inconsequential. After all, the now obsolete Dow Industrials (still a financial media fave) picked up 0.13%, while the far more important S&P 500 and Nasdaq Composite surrendered 0.05% and 0,09% respectively. While these three large cap indices seem to send a quiet message, that message would be incorrect.
Shifting Trends: Nasdaq 100 Sees Improvement Insider buying remains absent.
May 21, 2021 | 11:02 AM EDT
The charts of the major equity indices saw several positive technical events Thursday that shifted some trends back to neutral from negative. Cumulative market breadth saw some improvement as well. The data is little changed and largely neutral as discussed below.
While we speculated
here that Wednesday s action suggested a possible rotation out of cyclicals and back into large growth names, we believe this action added a bit more credibility to that interpretation.
On the Charts
Source: Worden
NYSE and Nasdaq internals were positive as trading volumes lightened from the prior session.