BlockBeats reported on July 12 that 48% of Nasdaq 100 constituents are at least 20% below their own highs. That share has doubled over the past 12 months, though it remains below the 60% level seen before the market bottom in late March and still far from the 80% extreme reached during the 2022 bear market. At the same time, 64% of index members are still trading above their 200-day moving average, close to the highest reading this year. Before the market bottom on March 30, that figure was only 38%. The data points to a market where index gains are being supported by a narrowing group of stocks rather than broad participation across the benchmark.
According to BlockBeats, as of July 12, 48% of Nasdaq 100 constituents were down at least 20% from their respective highs. That share has doubled over the past 12 months, but it is still below the 60% level seen before the market bottom in late March and remains well under the 80% extreme recorded during the 2022 bear market.
At the same time, 64% of the index's components were still trading above their 200-day moving average, near the highest level of the year. Before the market bottom on March 30, that figure stood at just 38%.
The data suggests that gains in U.S. stock indexes are relying more heavily on a smaller number of stocks.
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