Strength Beneath the Surface (Proof)
Hey, it’s Ross Givens here with the Chart of the Day. The top part of today’s chart shows the Nasdaq, while the bottom part highlights stocks making new highs (green bars) versus new lows (red bars). The first white rectangle marks the April pullback, where the Nasdaq fell 7% and new lows dominated. Now, in the second white rectangle, the Nasdaq has dropped more than 7%, but new highs outnumber new lows. There’s still strength lurking beneath the surface. With Powell speaking tomorrow, this is an opportunity we can exploit. I explain more in the Insight of the Day.
July 30, 2024
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