The Market Is Breaking Bad

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It’s not looking great for the bulls – not that I’m complaining. Divergence continues to grow – weekly gains for the NASDAQ, losses for the Dow30 and S&P 500.

The advance/decline line of what’s going up versus what’s going down continues to decline. The usual suspects in the Magnificent Seven were dead today – flat or down. Tesla was the only stock hanging on.

Broadcom was the stock of the session, almost singlehandedly delivering gains for the tech index. The newest member of the Trillion Dollar Club’s market cap surged by $250 billion today.

That’s how stocks moved this week; virtually every day the session was “saved” by one or two Magnificent Seven – make that Magnificent Eight – stocks.

So we’ve got a handful of tech stocks swooping in to save the markets every day. That’s been the story of 2024, frankly; it’s not news. But what’s starting to happen is other sectors aren’t even being dragged along for the ride.

Tonight we’ll look at what that means and how we can spin this to our advantage…

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