The NASDAQ Composite Index underperformed versus the Dow Jones Industrial Average but performed on par with the S&P 500 in today’s session. The Index lost a modest 0.08% in today’s trading, settling at 5814.90.
Outperforming groups on the NASDAQ today were Insurance and Telecom. Groups that underperformed were Biotech and Industrials. In terms of broad market sectors, Energy was the worst performer, while the defensive Utilities sector was the top performer.
Market internals on the NASDAQ reflected a session where the bears were in control, but not by a wide margin. Up volume was 56% of total up/down volume, while advances were 56% of total advancing/declining issues. Total volume was at 1.933 billion shares.
Today’s move to the downside ended a seven-day winning streak in the NASDAQ Composite Index. Given the recent gains, a period of consolidation appears warranted.
On a move to the downside, support is at 5670, representing the high established in near the end of January. As long as this level holds, the broader bias remains firmly to the upside.
Given the strength exhibited by the market in recent sessions, a decline below this level is not expected to take place in reaction to the overbought condition that is currently a factor.