The NDX has been in a long-term structural uptrend relative to the S & P 500 for the past decade. It's worth pointing out too that the recent surge in the familiar Nasdaq megacaps has a lot to do with mean reversion, after the Nasdaq lagged the equal-weighted S & P 500 in 2002 by 20 percentage points. And while bond yields reversed a bit higher, the chances of the Federal Reserve keeping rates steady next month appear greater, for now, than those for another hike. Housing numbers, jobless claims and retail sales are all consistent with moderate but positive GDP growth. The framework for a debt ceiling deal is visible even if the negotiators have incentives to make it seem a longshot until the moment of agreement. This modest improvement in the non-Big Tech expanses of the market seemed based on the macro and policy paths simply not worsening quickly enough for investors to cut equity exposures even further than current muted levels. The small-cap Russell 2000 bounced to avert a potentially messy chart breakdown, and regional-bank stocks are now more than 10% above their recent fear-saturated lows.

Recently struggling cyclical groups firmed up. And perhaps more relevant, last week saw at least tentative signs of a desired broadening out.

Suffice to say poor market breath is neither ideal nor fatal for a rally, but it would be more worrisome if it encouraged widespread optimism rather than the combination of indignance and half-hearted rationalization that has more been the mode. This particular conversation has been chewed over pretty thoroughly, and I've hit on it last week and the week before.

In the process, the NDX and the half-dozen enormous growth stocks that dominate it have boosted the S & P 500 to the top of its nine-month range while drawing scorn from many unpleasable investors who worry that the recent rally is too narrow, too top-heavy and too reliant on artificial intelligence hype to be trusted. Personal Loans for 670 Credit Score or LowerĬan the Nasdaq already have run too far when it's only come halfway back? This is a key question newly posed by the latest spurt higher in the Nasdaq-100, which has now recaptured just over half of its bear-market losses from the November 2021 closing high to its fourth-quarter 2022 low. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit

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